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Budget 2023: Section 481 Tax Credit extended by Government to 2028
27 Sep 2022 : Nathan Griffin
Section 481 has been extended to 2028.
Minister Catherine Martin has confirmed a crucial extension to the Section 481 Tax Credit, which was due to expire in 2024, that will now see it available to the screen sector until 2028.

In a budget that will no doubt be focused on the measures being taken to tackle the cost-of-living crisis facing the nation in light of significant energy hikes and inflation, the S481 extension is a major boost to the Irish screen industry as the tax credit has been imperative to attracting international productions into the country, leading to significant growth within the industry over recent years.

As outlined by Screen Producers Ireland, Section 481 is one of the most crucial incentive schemes for independent producers in Ireland, which provides much-needed tax relief for eligible productions. “This extension provides much-needed clarity for independent producers seeking to undertake long-term production planning,” CEO Susan Kirby said in a statement welcoming the announcement.

Separate to the extension of Section 481, Minister Martin took to twitter to outline some of the topline funds that had been secured within Budget 2023 for the Department of Tourism, Culture, Arts, Gaeltacht, Sport, and Media.

The first of these is a €60 million to support community, arts, culture, Gaeltacht, and Sport organisations facing increased energy costs.

Arts & Culture

The Minister confirmed that the Arts Council of Ireland will maintain its current funding of €130 million, while €6 million would go towards the Night-Time Economy fund, which aims to drive footfall into towns, support performances, provide soundproofing grants to support venues, and recruit eight night-time advisors who will lead reforms nationwide.

Media

€6 million has been alocationed to start a new media grant fund, aimed at supporting local democracy and court reporting, while €7.5 million has been set aside for the establishment of Coimisiún na Meán for online safety and media regulation. The budget has also reduced VAT for Newspapers from 9% to 0%.

In reaction to the announcement of the Section 481 extention, Screen Ireland’s Chair to the Board, Susan Bergin said: "We are delighted to welcome today's news that the tax incentive for the Irish screen industry, Section 481, has been extended to 2028. S481 underpins the success of the Irish screen sector. It is essential to the further growth of the industry, creating increased job opportunities, spend in the Irish economy across the country, and most crucially, structured skills development for Irish crew nationwide.”

"Our sincere thanks to Minister Catherine Martin T.D. for her significant support and recognition of the Irish screen industry," the Chair added. “The Minister’s continued advocacy for Irish arts and culture and, in particular, the artists and creative professionals who make up the creative industries, has been exceptional.”





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