Budget 2016 delivered by Minister Noonan today included an announcement that the current Section 481 eligible expenditure cap of €50M will increase to €70M. The change will be subject to State Aid approval and will be kept under review. Ireland’s film and TV tax incentive Section 481 is a key pillar to the success of our industry. This change improves Ireland’s competitiveness and SPI welcomes the announcement.
The development and growth of the indigenous sector is the other key pillar of success. It is crucial for the sustainability of the entire Irish film and TV industry that the indigenous sector is adequately supported, in line with improving measures to attract foreign direct investment. It is disappointing therefore that no funding increase has been announced for the Irish Film Board. Capital funding for the Irish Film Board has been reduced by 44% since 2008 and the funding next year will remain at the 2015 level.
The need to reform the television licence fee remains an outstanding and important task. Strong Public Service Broadcasting is vital to the strength and stability of the indigenous production sector and SPI urges Government to deal with this important issue as a matter of urgency.
For further information please contact:
01 662 1114