9th October 2018
Extension of S481 Film and TV tax credit key to success of Irish AV industry – Screen Producers Ireland
Screen Producers Ireland (SPI) welcomes today’s announcement that Section 481 is extended beyond 2020.
SPI CEO, Elaine Geraghty, commented:
“Section 481 is essential for the sustainability of strong indigenous and internationally competitive Irish Film, TV and Animation industries. The Government’s announcement today that this important incentive will be extended to 2024 provides clarity and certainty and enables independent producers to plan their productions beyond 2020, allowing job creation and investment across the country.”
“We look forward to continuing to work with Government and The Revenue Commissioners as refinements are made to the operation of S481, to make the process more efficient for our producers and for Revenue.”
“The announcement of a proposal for a regional uplift of 5% as part of Section 481 over the next 4 years is also positive.We look forward to getting more detail on the proposal when it is announced as part of the Finance Bill."
“The extension of S481 comes at a crucial time for the Irish Audio Visual Industry. The recent Olsberg-SPI with Nordicity (OSN) report stated that there are over 11,960 FTEs of employment in the live action film, TV and animation sectors. These sectors of the industry yield over €234 million in taxes to the economy, while contributing €692 million in GVA and generating €184 million in export earnings.”
“The Creative Ireland AV Action Plan, announced in June, seeks to double the levels of employment and investment in our industry over the next 5 years. The extension of S481 will be a key driver of this growth.”
“Our industry has proven itself to be a world leader, as productions such as ‘Float like a Butterfly’ and ‘The Breadwinner’ win international awards, and Irish films such as 'Rosie', 'The Silver Branch 'and 'A Mother brings her son to be shot' currently in Irish cinemas. The success of the newly opened Troy Studios in Limerick highlights the top-quality facilities and crew that we have.”
“SPI is now calling on the Government to legislate for the extension in the Finance Bill to give further certainty to the industry and our producers.”