NEW film tax breaks, operative from January 1, should help to attract international film productions to Ireland and boost the indigenous sector. Classifications now broaden the sweep of films eligible for tax friendly production here.
Changes to Section 481 that were announced in the 2014 Budget extend the scheme until the end of 2020. There is an increase in the value of Section 481 to 32 per cent of qualifying expenditure, from its current value of 28 per cent.
Minister for Arts, Heritage and the Gaeltacht, Heather Humphreys says she wants to make Ireland “a first choice destination” for international film makers: “Improving the tax breaks available under Section 481 will be essential to achieve this.
“The Irish film and TV production sector supports up to 6,000 jobs. I want to see that number grow in the years ahead.
“Under the changes which come into effect from today, the definition of ‘eligible individual’ is being extended to include non-EU talent, so major Hollywood actors and actresses will be included. This will boost the attractiveness of Ireland as a destination for film investment, and brings us into line with the UK and other countries in Europe”.
There may be new legislation introduced to foster the ambition: “I have also secured a commitment from the Minister for Finance to keep these changes under close review, with a view to introducing additional improvements which would help further boost the indigenous film sector and attract big budget productions to Ireland.”
