Animation Ireland, the representative body for Ireland’s animation studios, has welcomed Minister for Finance Pascal Donohoe’s announcement in his Budget 2019 speech this week that the Section 481 tax relief for the film industry will be extended beyond its 2020 deadline to 2024.
Commenting on the Budget speech today, Animation Ireland Industry Chairperson John Phelan said, ‘’The announcement by Minister Donohoe today is a great boost for the Irish animation sector. Animation Ireland has been calling on the Minister to extend this measure for some time and his announcement today is very welcome. Extension of Section 481 will allow for continued growth in the Irish animation sector, which supports over 1,500 highly skilled staff and generates €100 million annually for the economy.’’
“Section 481 has been a vital support for the animation industry in Ireland. It brings a huge amount of foreign investment from global brands like Disney, Netflix, Amazon etc and supports the creation of innovative and exciting films and TV series,” Phelan added. “However, the team managing Section 481 applications require help, they are under-resourced and this leads to long delays in relief being granted. This is something we hope Minister Donohoe will also address.”
Learn more at animationireland.com.