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29/10/2013

Irish Film Budget Cut 5.7%

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The overall 2014 budget for Bord Scannán na hÉireann / Irish Film Board (IFB) has been cut by 5.7%, bringing it to €14.03 million.
However, the announcement follows news that the Irish government has improved the Irish tax incentive for the film, television and animation industry.
The capital budget has been announced as €11,277,000 for 2014, reduced from €11,989,000 in 2013 and representing a cut of 5.2%.
The administration budget for the agency is €2.7 million, decreased from €2.9 million in 2011 and indicating a cut of 7.5%. Since 2008 the annual budget for the agency has been cut by 39.5%.
"Despite the overall cut in funding over recent years the IFB has strived to ensure a continuation of production activity in Ireland presenting a strong economic and cultural return on the Government investment in the agency," a statement said.
"Over the course of 2012, the IFB invested in 30 film and television projects which led to €118m being raised in foreign direct investment by Irish producers on IFB funded projects. €80m of this was invested directly into the Irish economy through the purchase of local services and employment."
The IFB recently welcomed news that Dublin has amended the Irish tax incentive for the film, television and animation industry (Section 481), meaning it will apply to non-EU as well as EU talent working in the Republic of Ireland.
Responding to the new measure, James Hickey, Chief Executive of the IFB, said: "Bord Scannán na hÉireann/the Irish Film Board, as the state agency for the development of the film, television and animation industry, very much welcomes the new changes to the Irish tax incentive. Building on the current success of the film, television and animation industry, this new measure will assist Irish producers in attracting foreign direct investment in the form of international feature films and television shows which will assist in creating new Irish jobs within the sector.
"The enhancement of the Irish tax incentive for the film and television industry demonstrates the commitment of the Irish government to the future of the Irish film, television and animation sectors and Ireland's creative industries. Earlier 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 just announced in the 2014 budget has now been brought forward to 2015."
Irish Minister for Finance Michael Noonan said: "These productions are job-rich and can often give a knock-on boost to the tourism sector. This extension will be subject to EU state-aid approval, and it will be coupled with the introduction of a withholding tax."
Production activity across the feature film, independent drama, TV and animation industry in Ireland in 2012 was valued at over €180 million, representing a rise of approximately 30% on 2011 figures.
Employment levels within the overall audio-visual industry, which has a turnover of over €500 million, have also increased to over 6,500 full-time job equivalents.
Over the course of 2012, the IFB invested in a total of 30 film and television projects, leading to €118m of foreign direct investment by Irish producers on IFB-funded projects.
Image - Last Days on Mars, directed by Ruairi Robinson and starring Liev Schreiber, is an IFB production
www.irishfilmboard.ie
(IT/CD)
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