Public Consultation on Section 481 Film Tax Relief
The Minister for Finance, Mr Michael Noonan, T.D., has today [Monday, 28th May, 2012] published a consultation paper which sets out preliminary analysis and data and invites interested parties to make submissions as part of an economic impact assessment of the operation, status and future development of the Section 481 tax relief otherwise known as ‘film relief’.
Finance Act 2011 provided for an extension of the scheme to the end of 2015. It is now deemed appropriate to review the scheme in the context of making timely decisions regarding the future of the scheme after 2015.
Section 481 of the Taxes Consolidation Act, 1997 is one of the longest running sector specific tax reliefs and has been in place under various formats since 1984.
The scheme is intended to contribute to the development and sustainability of the Irish film/screen industry which supports a significant number of jobs in the domestic economy, a strategic cultural industry and the tourism sector in Ireland.
The impact assessment will enable the Department to better understand the benefits that may accrue to the exchequer in terms of additional tax yield as well as consequences for investors, the audiovisual industry, and the wider economy arising from potential changes to the relief.
Extension of Deadline for Public Consultation on Review of S481 Film Relief
Due to requests from interested parties, it has been decided to extend the deadline for the public consultation on the review of Section 481 (Film Relief) from Tuesday 31 July 2012 to Friday 31 August 2012. All submissions from interested parties must be received by 31 August 2012.