Ireland looks to Hollywood talent, enhances tax incentives6 January 2015
Ireland has introduced new tax breaks for the film and TV sectors with a view to attracting international productions to the country.
The changes were made to Section 481 and were effective from 1 January, the same day that the country’s film and TV tax incentive was raised from 28 per cent to 32 per cent of the total spend in the country. The scheme has also been extended to 2020.Talent from outside the EU can now be classed as ‘eligible individuals’, meaning the likes of Hollywood actors, directors and crew will benefit from these incentives. The changes brings the country into line with other European territories, and it is hoped they will make Ireland a more attractive destination for film investment.
TV drama and animation, as well as feature films and creative factual shows will all benefit from the changes. In recent years Ireland has emerged as a strong centre for international TV productions: Vikings, Ripper Street, The Tudors and Penny Dreadful have all chosen Ireland as a shooting location. Arts minister Heather Humphreys commented that the enhanced financial incentives for the film and TV sector will make Ireland a “first choice destination” for international production.
It is also hoped the changes will boost the local economy, significantly adding to the 6,000 people already employed in the industry.
These revisions have been overseen by James Hickey of the Irish Film Board. Five Irish films will be show at this year’s Sundance film festival, and the country’s film industry injected €183 million into the Irish economy in 2013.