Dáil Éireann Debate, Tuesday - 12 December 2017
557. Deputy Peadar Tóibín asked the Minister for Culture, Heritage and the Gaeltacht the checks and measures in place to prevent production companies from abusing financial incentives, namely the section 481 tax exemption and film board funding. [53046/17]
Amharc ar fhreagraSection 481 of the Taxes Consolidation Act 1997 provides relief in the form of a corporation tax credit related to the cost of production of certain films. Matters relating to taxation fall under the remit of the Minister for Finance and the Revenue Commissioners.
Production Companies seeking tax relief under Section 481 must have procedures in place to ensure compliance with all conditions. The Revenue Commissioners issue a certificate to a film project on the basis of the information supplied during the application process. Any material change in the information supplied that may arise as the project progresses must be notified to and agreed by the Revenue Commissioners. If the information on which the certificate is based is incorrect, misleading or incomplete, or Revenue is not notified of material changes to the production, the certificate may be revoked. Production companies must make books of account and accounting records available to the Revenue Commissioners and must furnish a compliance report.
The Irish Film Board make loans and grants to production companies. Funding agreements are subject to range of criteria and deliverables. Non-compliance can result in the withdrawal of and repayment of funding.
