Revenue Commissioners Announce New Regulations for The Regional Film Development Uplift
Revenue Commissioners have announced new film regulations aimed at supporting broader regional development of the audio-visual sector in Ireland.
The Regional Film Development Uplift, announced as part of Budget 2019, will be available to productions being substantially undertaken in “assisted regions” which means areas designated as such under the regional aid map.
In addition, to qualify for the relief, producer companies will be required to show that training and skills development opportunities are provided to individuals habitually resident in the area and that such training will address a skills deficit in the area. The regional uplift will be phased out on a tiered basis over 4 years with 5% additional tax credit available in 2019 and 2020, 3% in 2021, and 2% in 2022, reducing to 0% from 2022 on.
European Commission approval has also been received to extend the Section 481 Film tax credit. The credit will be extended for 4 years, from its original end date of 31 December 2020 to 31 December 2024. This will provide certainty for production companies regarding the future availability of the credit and helps to ensure the Irish film industry continues to grow.
Source: Visual Artists Ireland News