IFB Welcomes Changes to the Irish Tax Incentive for Film and TV Ensuring Future Growth for the Sector
In a move which demonstrates Government commitment to the future of the Irish film and television industry, the Irish Minister for Finance Mr. Michael Noonan has announced the extension of the Irish incentive for the film television and animation industry until 2020.
In light of the findings from an Economic Impact Assessment of the current Film Tax Relief Scheme, Section 481 the Minister has indicated that the incentive will include further enhancements from 2016 and will be restructured to take the shape of a tax credit. These measures are designed to create further employment and increased production activity in the film, TV and animation industry.
Commenting on the news James Morris, Chairman, Bord Scannán na hÉireann/ the Irish Film Board said
"The extension and future enhancement of the Irish tax incentive for the film and television industry demonstrates the commitment of the Irish government to the future of the Irish film and television sector and Ireland's creative industries. These changes will strengthen the sector as an important contributor to the Irish economy, and will help Bord Scannán na hÉireann / the Irish Film Board to attract major film and television production activity to Ireland."
"Despite the economic difficulties Ireland has experienced over the past few years the Irish film, television and animation industry has experienced high levels of production activity, contributing over €150 million, in terms of Irish spend on jobs and services, to the Irish economy in 2011.
"We look forward to working with the Department of Finance and the Department of Arts, Heritage and the Gaeltacht to ensure that these new measures enhance Ireland's competitive international position for film, television and animation production."