Financing your Film / Tax Incentives /
In 2008, the Irish government introduced new measures to strengthen the Irish tax incentive, Section 481 for film and television production. This has dramatically improved Ireland's competitive position as a location for International film & TV production.
The new improvements mean ceiling on qualifying expenditure for any one film is increased from €35 million to €50 million.
Qualifying expenditure includes all EU personnel and purchases of goods and services in the State.
Projects may derive a benefit of up to 28% of their eligible Irish expenditure.
The main benefits of Section 481 are:
- Worth up to 28% of Irish budget
- Is available to the production on first day of Principal Photography
- Does not require bank discounting
- Is available to both Film and Television productions
- Value is determined at the outset
- Is in place until 2020
Irish resident independent producers can offer valuable expertise in maximising the amount of Section 481 finance for a production, as well as facilitating the smooth operation of the production schedule.
Applications for the certification of film projects for Section 481 are made to the office of the Revenue Commissioners who are responsible for the administration of the scheme. The Department of Arts, Sport and Tourism have an input into the procedure in that they validate the cultural content of film projects submitted for certification.
Revised procedures for certification of film projects under Section 481 became effective from 1st January 2005. For a note on the implication of these new procedures, visit the Irish Revenue website.
Check the Irish Revenue websites for current guidelines.
The Irish Revenue website also has comprehensive information relating to Double Taxation Treaties.