IBEC's Audiovisual Federation reports continued growth and development of the Irish industry, with increases in all sectors and an increase in the net gain of 38.5% to the Exchequer.
Revenue for the Government exceeded the tax forgone through S481 tax incentive by euro 22.5 million, compared with euro 8 million in 1996. Considering a year affected by the foot and mouth crisis, the threatened actors strike in US and September 11, the record figures for 2001 continue a trend that has seen a significant net return to the Exchequer.
John Cummins, Chairman of the Audiovisual Federation and MD of Agtel, stated, "The Audiovisual Federation is of the view that these economic indicators reinforce the benefits of S481 funding, both to the Exchequer and to the national economy."
A total of 175 productions took place in 2001, one of which, Reign of Fire, is the largest production ever to take place in Ireland, others included Evelyn and the Golden Bear winner, Bloody Sunday.
James Flynn of Octagon Films, who chairs the Federation's Film Financing Committee said, "The S481 tax incentive had a large bearing on the location of this project here. The Federation firmly believes that the further extension of the incentive beyond 2004 is essential. Such a long term commitment will greatly assist the profile of 'Ireland Inc' in the US and lead to continued inward investment into the Irish economy. This will enable the Irish film industry to collaborate, co-operate and co-produce with its EU counterparts particularly given Ireland's recent signing up to the European Co-Production Convention."
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