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27/04/2016

New Tax Scheme For Film Industry In Ireland

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Ireland's Minister for Finance has announced improved funding for filmmakers in Ireland.

Under the new provisions, from 01 May 2016, the expenditure per project which can be supported by the Film Tax Credit will increase to €70 million.

Commenting on the improvement to the backdrop for filmmakers in Ireland, Minister Noonan said: "The revised Film Tax Credit has supported Irish culture and art, and encourages our national film industry. The scheme will now provide companies who produce movies and TV shows with a payable tax credit. The credit is calculated project by project and from the 1st of May companies can claim against expenditure of up to €70 million.

"With this increased cap we will encourage the necessary investment in the provision of studio and other film production facilities. The Irish film industry has a large impact on our culture, our international reputation and recognition. The industry also provides jobs and educational opportunities for many. I look forward to seeing many more quality productions from filmmakers in Ireland who have benefitted from this incentive."

(MH/CD)
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