Irish Tax Credit for Animation Film and TV Enhanced up to 32% Value
From January 1st 2015, Ireland's tax credit for film and TV animation has been enhanced, creating a new payable tax credit programme.
The new benefit of 32% of qualifying expenditure which includes all persons working in Ireland will provide enhanced support for film, TV drama and animation production and is a strong reflection of the Irish Government’s support for the sector. Bord Scannán na hÉireann/the Irish Film Board has been working closely with the Revenue and the production sector in developing the detailed arrangements for the new film and television tax credit and will continue to do so as the new scheme is rolled out.
The benefits of the changes include:
Increased rate of relief
The rate of tax relief has been significantly increased and is now worth up to 32% of eligible Irish expenditure.
Expansion of eligible expenditure criteria
The payable tax credit is now based on the cost of ALL cast & crew working in Ireland, regardless of nationality.
Greater flexibility in the application process
An application for a certificate entitling the applicant to the tax credit can be submitted at any time prior to the completion of the project.
Speaking of the changes to Section 481, Minister for Arts, Heritage and the Gaeltacht Heather Humphreys TD said that the enhanced tax breaks will help to attract animated productions to Ireland and boost the indigenous film sector.