Written Answers. - Irish Film Industry.

Batt O'Keeffe

Question:

65 Mr. B. O'Keeffe asked the Minister for Finance if he has satisfied himself that the steps taken in the budget will ensure that there is an end to the threat of greed and fraud to the Irish film industry. [4154/96]

I am not sure what exactly the Deputy is referring to in his question relating to the threat of greed and fraud in the Irish film industry.

However, as the Deputy is aware, on budget day I announced a continuation of the tax relief scheme for investment in films in a modified form. Section 26 of this year's Finance Bill substitutes a new section 35 of the Finance Act, 1987. As the old section 35 was due to come to an end, a review of its operation was commissioned in October last year. As a result of this review it was decided to renew this relief for the film industry.

I am confident that the steps which I took on budget day along with the new provisions which I introduced in the Finance Bill will significantly improve the targeting of this relief and thereby strengthen the Irish film industry.

In addition, I should also point out that my colleague, the Minister for Arts, Culture and the Gaeltacht is the certifying authority and before issuing a certificate, carries out a detailed scrutiny of proposed film projects. However, investors make their investments at their own risk and the issue of a certificate does not represent a guarantee that the film certified will be made or that the investor will recoup the investment made under the section 35 provision.