Sinn Fein TDs insist on retention of film making tax incentive
The five Sinn Féin TDs have called on the Minister for Finance Mr. Charlie McCreevy to reverse his decision to eliminate the film making tax incentive contained in Section 481 of the Taxes Consolidation Act 1997. The TDs made their call in a motion published today.
Pointing to the many high quality large budget films (including 'Braveheart' 'Michael Collins' and 'Intermission') located and made in Ireland, benefiting from Section 481, and the resultant employment and training availed of by thousands of people, the TDs have asserted that this industry has managed to showcase Ireland and Irish talents with a resultant increase in tourism and tourism revenue.
Speaking before his attendance at a meeting of the Finance and Public Service Committee tomorrow, which is dealing with the issue, Sinn Féin spokesperson on Arts and Culture, Aengus O Snodaigh TD said: "Section 481 represents a 20-year public investment in the film industry and should be recognised as a resounding success and an investment incentive vital for the continued existence and growth of the Irish film industry."
He added that "The Irish film industry can generate €500 million in revenue to the Exchequer and can employ up to 11,000 people between now and 2010. In doing so, it can also encourage the creativity of the Irish nation and inject vital capital into local, urban and rural economies otherwise starved of investment.
"Section 481 has, therefore, more than justified its introduction in terms of revenues generated for the Irish economy." ENDS