Budget’s S.481 Tax Incentive Praised

| October 17, 2013 | Comments (0)
Irish Budget 2014
This year’s budget included the announcement of an improvement to Ireland’s S.481 tax incentive scheme, which extends it to apply to non-EU talent working in Ireland and moved forward the promised increase in its value to 2015.

Minister for Arts, Heritage and the Gaeltacht Jimmy Deenihan welcomed the announcement adding that the move would attract foreign film investment in Ireland.

“I welcome the announcement by Minister Noonan that he intends to bring forward the new regime for film tax reliefs to 2015, and also extend the definition of ‘eligible individual’ in the scheme for film relief to include non-EU talent. This will increase the attractiveness of Ireland as a destination for film investment,the Minister said.

The Irish Film Board Chief Executive James Hickey also welcomed the announcement adding that the new measures would bring Ireland into line with the UK.

The budget also saw an increase from 28% to 32% of eligible spend which can be raised through S.481, and this change would be brought forward into effect by a year to 2015.

Barbara Galavan, Chief Executive of Screen Producers Ireland, praised the “Government’s continued support for the indigenous and international film, television and animation sector.”

 

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