Ireland’s film and audio-visual industry has gone from strength to strength in recent years. From my regular and ongoing engagement with industry stakeholders, I know that the key elements underpinning our success are the film sector tax relief, allied to the availability of high quality film studio infrastructure and, critically, skilled crew. I am aware that the Committee on Budgetary Oversight published its Report on Section 481 – Film Tax Credit on 9th May 2023.
The Irish indigenous film industry is comprised of a range of stakeholders including many small and medium sized enterprises and skilled crew who are fundamental to the successes achieved by the industry in recent years. The audio-visual industry has received widespread recognition in the past few years, including a record number of Academy Award nominations in 2023 for films such as Banshees of Inisherin and An Cailín Ciúin. The success of An Cailín Ciúin, supported by three agencies under the remit of my Department – TG4, the BAI and Screen Ireland – and by Section 481, is particularly satisfying.
There is a competitive market for international investment in film making and notwithstanding our recent success, there is no room for complacency. Hence I welcome the Report and am pleased to see the interest of the Committee and its members in Section 481 and their commitment to further improving the tax relief. The Report has fourteen recommendations aimed at examining ways to improve Section 481.
In terms of employment issues, I understand that there is interest from all sides to move forward with discussions that will benefit the audio-visual industry. I understand also that Screen Producers Ireland and SIPTU (Irish Equity) had a constructive meeting on 7th June 2023 and have agreed to draft terms of reference for discussions on a new indigenous collective bargaining agreement for film and TV. The provision of quality employment has been and remains a constant focus of Government policy in the development of the film and audio-visual industry and in that context, I welcome this engagement. The Minister for Finance is responsible for the legislation and regulations for Section 481 and I will be engaging with Minister McGrath over the coming weeks on issues highlighted by the Report such as the cap and the regional uplift. I also look forward to engagement with Minister Coveney on the recommendations contained within the Report that pertain to his Department.
