News
Movies and TV productions share in €127.3m corporation tax credits for 2022
New movies starring Liam Neeson, Kerry Condon, Sarah Greene and Russell Crowe were some of the big winners in the Revenue Commissioners’ Section 481 film corporation tax credit scheme for the Irish movie and TV production sector last year.
New figures provided by the Revenue Commissioners show that the value of payments made under the Section 481 film corporation tax credit scheme in 2022 was €127.3 million.
The 2022 total was €9.8 million down on the value of film corporation tax credits totalling €137.1 million in 2021.
The newly published figures show that Wild Atlantic Pictures Ltd’s The Pope’s Exorcist starring Russell Crowe was able to avail of corporation tax credits between €7 million and €10 million.
The movie is based on real-life figure, Fr Gabriele Amorth, a priest who acted as chief exorcist of the Vatican and Crowe, who plays Fr Amorth, was pictured filming on the grounds of Trinity College Dublin last August.
In a busy year for Wild Atlantic Pictures Ltd, the firm also availed of corporation tax credits of €5 million to €10 million for ‘On Record’ and tax credits of €5 million to €10 million for FATE: Winx Club Saga Season 2.
The firm also received a tax credit of €2 million to €5 million for the production firm’s ‘Epic Pilot’.
The figures also show Grand Canal Productions Ltd’s thriller ‘In the Land of Saints and Sinners’, starring Liam Neeson, Kerry Condon and Sarah Greene availed of corporate tax credits of €2 million to €5 million.
The movie – which also stars Ciaran Hinds and Colm Meaney – was filming in Donegal during last year.
The figures also show that Metropolitan Films International Ltd received corporation tax credits of between €2 million to €5 million for Silver and €2 million to €5 million for Sanctuary during the year.
The only production that availed of tax credits in the €10 million to €30 million range during 2022 was the second series of Netflix’s Valhalla.
The multi-award winning Brown Bag Films Unlimited received corporate tax credits between €1 million to €2 million for Ridley Jones Season 2 and tax credits of between €1 million to €2 million for Ada Twist Season 2.
The figures also show that Hail Mary Pictures Ltd was granted tax credits of between €1 million to €2 million for The Clean Up Crew and corporation tax credits in the same range for The Last Girl.
Park Films received tax credits of between €1 million to €2 million for the crime series The Vanishing Triangle.
On the tax credits, the Revenue spokesman said: “These payments are a combination of first stage 90% credit claims which can be made in advance of or during the making of the film project, and balancing payments which can be claimed after a project is completed.
“The total value in each year represents this mix of payments – 90% and balancing – for films certified from 2015 to 2022.”
A Dept of Finance Cost Benefit Analysis on the Section 481 film corporation tax credit has recommended the extension of the scheme prior to its current expiry of the scheme in December 2024 to provide certainty to the Irish audio-visual industry regarding the availability of the relief.
The report states that the number of full time employees on Section 481 backed productions in 2021 increased to 3,265 with almost 41 per cent employed in animation and a further 38.5 per cent in TV dramas.
It said that overall, the estimated cost of the credit from 2015 to 2021 was approximately €604 million.
The report also said that while the CBA finds the net economic impact of Section 481 to be -€78.54 million, it states that regard should be had for the intangible cultural value of the relief when the impact of the tax measure is considered.
Article Source: Movies and TV productions share in €127.3m corporation tax credits for 2022 – RTE
Back to Uncategorised
