With the Oscars only a few days away, all Irish eyes are turning to LA where we’ll all be hoping for our nominees to come back with a large haul of golden statues. In particular, all at Grant Thornton will be rooting for ‘Room’ to take home a few statues as we are extremely proud to have played our part on the Section 481 side of the financing.
The Irish Film and Television industry has definitely punched above its weight in recent years with large international projects like Star Wars, Vikings and Penny Dreadful all being produced in Ireland. To some however it may not be a big mystery with the Section 481 tax credit providing producers with one of the most favourable tax credits in the world for making movies and television shows. I myself, along with my team have been involved with funding the majority of these projects over the years having raised over €500m and advised on over 280 film and TV projects since 2005.
There are however still some large obstacles that need to be cleared. The €70 million cap per production per year is still in effect and the sunset date of 2020 is still in place for the Section 481 tax credit. These are unnecessary obstacles to a significant inward investment opportunity currently presenting itself for Ireland.
Let’s focus on the positives however, we have a record number of nominees for an Oscars ceremony and we can still attract some of the largest movies in the world to our shores. It was great to see the IDA and IFB harness the international focus on Ireland to drive investment and promote Ireland as a production and innovation destination.
Best of luck to the guys at the Oscars and here’s hoping that we can finally establish ourselves as a dominant force in the international audio visual sector.
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