Irish government reaffirms tax credit support
- Minister considering increase to €50 million cap on eligible expenditure
The Irish government has reaffirmed its support for the ongoing tax credit system. The Irish Minister for Finance, Michael Noonan said, “The new Irish film tax credit scheme is due to commence in 2015 and I am very pleased that it has been broadly welcomed by the film industry. The film industry is very important to modern Irish culture and to the economy, not just in terms of jobs but also indirectly through tourism promotion. As the new scheme beds down next year, I will be monitoring how it works and how it can be improved. One of the issues that I will consider in the context of Budget 2016 is a possible increase to the €50 million cap on eligible expenditure, subject of course to resource constraints.”
Last year the Irish government announced an improvement to Section 481, the Irish financial incentive for the film, television and animation industry. Bringing Ireland in line with the UK, Section 481 will now apply to non-EU as well as EU talent working in Ireland.
In 2013, the Irish government extended the Section 481 scheme to 2020 and increased its value to 32% as of 2016. This improvement and the change announced in the 2014 budget, has now been brought forward to 2015.
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