Latest news with #Section481
Irish Independent
28-05-2025
- Business
- Irish Independent
Section 481 film tax credit gets an 8pc uplift
Media Minister Patrick O'Donovan and Finance Minister Paschal Donohoe jointly launched an enhanced Section 481 tax credit for mid- to lower-budget feature films. The change was signalled in last year's Budget, and the official announcement was due to be made two weeks ago. It was postponed following US president Donald Trump's threat to put a 100pc tariff on movies produced outside America. Mr Trump claimed Hollywood is dying a 'very fast death' due to other countries offering 'all kinds of incentives to draw our filmmakers away'. In a post on Truth Social, he added: 'WE WANT MOVIES MADE IN AMERICA, AGAIN!' Government sources told the Irish Independent earlier this month that the official unveiling of the improvement to the Irish film tax credit was postponed as a result. It was decided that a launch just after Mr Trump's tariff threat would have sent the wrong signal to the US administration. The improvements to the Section 481 scheme will be backdated, so that film-makers applying for the tax credit do not lose out as a result of the postponement. Branded as 'Scéál', the scheme is an 8pc uplift to the existing 32pc tax incentive, bringing it to a total of 40pc. It will be available to feature films with a budget of less than €20m. At least one of the key creative roles – director, screenwriter, composer, editor, cinematographer and production designer – must be taken by a native or resident of the European Economic Area. In animated feature films, the key creative roles include art director, composer and production designer. Another condition of the tax break is that the film must be intended for exhibition at a commercial cinema in Ireland for at least five days. The ministers said the aim of the uplift is to encourage and support smaller-scale Irish cinema, providing opportunities for film creatives based in Ireland as they build their careers. Mr Donohoe said: 'The Scéal uplift is a fantastic addition to our already globally recognised Section 481 film tax credit. The uplift will be of great benefit to our smaller indigenous productions, the type that portray Irish stories on screen and project them all over the world.' The Government also intends to provide a tax break for unscripted productions, which include reality shows, chat shows and other light-entertainment programmes that are often filmed before a live studio audience. This means the likes of The Late Late Show on RTÉ could qualify. The Department of Finance has notified the new relief to the European Commission, whose officials are now examining whether it complies with EU rules on state aid.
RTÉ News
27-05-2025
- Business
- RTÉ News
'Scéal' tax credit scheme announced for Irish movies with budget of €20m
Irish movies with a budget of up to €20 million have been given an uplift today with the announcement of the 'Scéal' tax credit scheme by Minister for Arts and Culture, Patrick O'Donovan. This new enhanced tax credit specifically targeting mid-to-lower budget films, provides an additional 8% uplift tax relief to Ireland's existing 32% tax incentive for film and television, Section 481. Speaking at the launch, Minister O'Donovan said that this is a positive change to Section 481 which will "benefit the Irish film industry, Irish film workers in senior creative roles and Irish cinemas". The 'Scéal' strand of Section 481 provides an additional tax relief to production companies producing small to medium sized feature films or animated feature films. Additionally, the uplift of 8% will be available to feature films with a budget of less than €20 million where at least one of the key creative roles of film director, screenwriter, or composer, amongst other key creative roles, is a national of, or ordinarily resident, in Ireland or the EEA. Minister for Finance Paschal Donohoe said at the launch that "Scéal Uplift is a fantastic addition to our already globally recognised Section 481 film tax credit." The uplift will be of "great benefit to our smaller indigenous productions, the type that portray Irish stories on screen and project them all over the world," he added. The feature film must be intended for exhibition at a commercial cinema in Ireland for at least five days. At the launch, Fís Éireann/Screen Ireland also announced details of a new Irish-language slate development fund, 'Smaointe', that will support Irish production companies as they develop a slate of creative projects in the Irish language. 'Smaointe' will support Irish-language narrative projects across film, television and animation, and companies specialising in Irish-language production. Désirée Finnegan, Chief Executive of Screen Ireland, also welcomed the roll out of the 'Scéal' and 'Smaointe' schemes, saying that they would "create a new opportunity for Irish filmmakers and screen artists." Members of the Irish film sector have been campaigning for an extension of the 481 tax credit scheme. In Screen Ireland's most recent analysis of the Irish film production industry covering 2021-2023, published in January, the report found that the audio visual sector is worth €1 billion to Ireland. The report noted that the Section 481 tax credit was "hugely significant for the industry as two thirds of production spend was supported by this tax relief."
Business Post
10-05-2025
- Business
- Business Post
What the Papers Say: Dua Lipa and Paul McCartney demand action on AI ‘rip off'; Trump warms up to China; film tax breaks paused
10 am - Good morning from a busy Business Post newsroom. Editor Daniel McConnell here with your Saturday morning round-up of the main stories making the headlines here in Ireland and across the globe. Paul McCartney, Elton John and Dua Lipa urge Starmer to back UK artists in AI copyright row Sir Paul McCartney, Richard Curtis and Dua Lipa are among the 400 top musicians, artists and media executives who have written to UK Prime Minister Sir Keir Starmer seeking support to protect copyright from being ripped off by artificial intelligence tools. The Financial Times says the letter calls on Starmer to next week back an amendment to a bill introduced by Baroness Beeban Kidron, a crossbench peer, that would give transparency and protection over whether artists' work is being used to train AI models. Kidron's amendment would make tech giants tell copyright owners which individual works — from music and books to films and newspapers — they have used to train their AI models. This would allow companies and artists 'to hold AI firms accountable for the mass theft of creative works that continues to take place', the letter says. Donald Trump signals openness to cutting China tariffs US President Donald Trump has signalled his openness to cutting tariffs on China ahead of Saturday's high-stakes talks between the world's two largest economies, as both sides seek to de-escalate their trade war, the Financial Times reports. In a post on his Truth Social network, Trump suggested the US could almost halve its tariffs on Chinese goods, which stand at 145 per cent, while calling on Beijing to open up its markets to American products. '80% Tariff on China seems right! Up to Scott B,' he said, in a reference to the Geneva meeting led on the US side by Treasury secretary Scott Bessent. Bessent and trade representative Jamieson Greer are set to meet China's vice-premier, He Lifeng, as the two countries seek to look for ways to unwind their huge levies on each other in a tit-for-tat confrontation that threatens the global economy. Improvement to Irish film tax break delayed due to Donald Trump tariff threat The Government postponed the announcement of an improvement to Ireland's film tax incentive this week, following US President Donald Trump's threat to put a 100pc tariff on movies produced outside America, the Irish Independent reports. Government sources say that an announcement about Section 481, the Irish film tax credit, was called off as a result. Because it would have made Ireland more attractive as a film destination, a decision was taken that the timing was wrong, and it might have sent the wrong signal to the US administration. Ministers receive pay increases in new Cabinet under public sector deal Several ministers received substantial pay increases when they were reappointed to the Cabinet when the Government was formed in January, the Irish Times reports. Following a repeated series of queries from The Irish Times over the past month, the Government said it was intended that ministers would apply similar arrangements to the last government when a portion of their salaries was gifted back for the duration of the administration. During the last government, ministers approved a series of public sector pay increases but sought not to benefit themselves, instead gifting back 10 per cent of their salaries to the Exchequer. However, these arrangements lapsed when the last government ended. No similar arrangement was put in place when the new Cabinet was appointed in January of this year – meaning that the full ministerial salary applied. This meant that those ministers who were reappointed saw a significant increase in their monthly salary. €36m restoration works begin at Dublin's famous College Green bank Restoration works have begun at Bank of Ireland's branch on College Green, one of Dublin's most important historic buildings, as part of a three year €36 million project, the Irish Times reports. Built to house the Irish parliament in the 18th century, the building has been home to the bank since 1803 following the Act of Union, opening to the public five years later. It is one of the oldest banking halls in continuous use in the world. While it has been maintained and adapted for modern use over the years, many of its oldest features have been largely untouched including some windowpanes which were part of the original structure. Rolls-Royce and Aston Martin shares leap after US-UK trade deal Rolls-Royce and Aston Martin shares surged after the trade deal between Donald Trump and Sir Keir Starmer gave them easier access to US markets, the Daily Telegraph reports. Rolls, a major manufacturer of jet engines, was one of the biggest risers on the FTSE 100 share index after Howard Lutnick, the US commerce secretary, said the aerospace company's engines and plane parts would not be subject to tariffs. Shares rose 4.5pc to 783.46p to close the session above the level they traded at before Mr Trump's wave of tariffs on April 2. Luxury carmaker Aston Martin, which gets more than one third of its revenue from America, soared 14pc. A week ago, it had warned investors that it was limiting exports to the US as a result of Mr Trump's trade war.
Irish Times
05-05-2025
- Business
- Irish Times
Trump film tariffs could hit thousands of jobs in Ireland, industry figures warn
Thousands of jobs in the Irish film and television industry could be affected if US president Donald Trump presses ahead with threats of 100 per cent tariffs on films made outside of the United States , say prominent industry figures. There is a lack of clarity, however, as to what is intended, what tariffs might apply to and how they would be levied, they add. Minister for the Arts and Culture Patrick O'Donovan said the 'European Commission is continuing to engage with the US administration in relation to tariffs'. 'As Minister responsible for the sector, I frequently engage with the film industry and I plan to continue our constructive and collaborative dialogue at our next engagement in the near future,' he added. READ MORE Uncertainty was 'probably the single worst issue here', said Larry Bass, founder of Shinawil, which works on international drama co-productions and makes high-profile programmes for the Irish television market. 'By just announcing this he will now put into question a whole range of production plans right across the globe and that will affect a huge amount of the business. 'The detail in this is going to be very interesting but as things stand we don't know whether what he is proposing will be on film only, or television too, whether it will apply to where the financing for a project comes from or where it is filmed. And whether what he is saying now will change next week or next month,' said Mr Bass. President Trump, posting on social media on Monday, said he wanted to 'immediately begin the process of instituting a 100 per cent tariff on any and all movies coming into our country that are produced in foreign lands'. He said the industry in the US was 'dying' due to productions going overseas. Though no specific countries were referenced and many other countries have far larger film sectors, Government figures here suggest that more than 20,000 work each year on projects supported by the 'Section 481' tax reliefs established to attract big international productions. Though the number of full-time equivalent roles is significantly lower, some 16,000 people are estimated to work across the audiovisual sector with more than 10,000 in film and television. Total annual production spend has been put at more than €430 million. An average of almost 100 S481 projects annually have been registered in recent years and 75 per cent of them involve investment from overseas. A spokesman for Tánaiste Simon Harris described as 'unhelpful' any additional tariffs while the European Union and US negotiate on achieving 'a good trade deal that is good for both sides'. 'Ireland and Europe's position on tariffs has been clear and consistent – they are bad for consumers, bad for business and bad for the two economies on both sides of the Atlantic,' he said. 'This week, Tánaiste Simon Harris held lengthy discussions with the EU trade commissioner and it is clear that Europe is serious about wanting to engage in a structured negotiation and engagement with the US to get to a trade deal that is good for both sides. That will be the focus of Ireland's efforts. 'It is important that during that time that all parties engage in good faith and, as the Tánaiste has said repeatedly, any additional measures during that process would be unhelpful.' This is expected to be one of the best years ever for film production here, possibly the best, according to industry figures who acknowledge the industry could be badly hit if the tariffs are implemented although nobody who spoke to The Irish Times was clear how that might be done. 'Warner Brothers have just committed to making the Harry Potter TV series in the UK, it's a 10-year deal involving an investment of $1 billion. Is that suddenly going to cost $2 billion?,' asked one. 'President Trump asked for submissions recently on the film industry and the Motion Picture Association, which represents the big studios, made an 80-page one and they certainly weren't asking for anything like this.' Production levels in Hollywood have been in significant decline, however, and California governor Gavin Newsom recently announced plans to increase the scale of tax breaks there from 20 per cent to 35 per cent, slightly above the Irish level of 32 per cent. There were some suggestions on Monday that President Trump's tariff announcement was part of his ongoing political tussle with the democrat governor. Mr Bass said the additional supports were what the studios were looking for but that bringing film production back to anything like previous levels in the US would prove 'difficult'. Labour Party finance spokesperson Ged Nash said film production 'is a hugely competitive and ever-changing sector globally and Ireland needs to be ready to take this latest challenge, if it in fact emerges, head-on'. 'Trump clearly doesn't get the complexity of the globalised film and TV production sector. Neither does he appear to understand the reasons why production rates have declined in the US in recent times.'
