The Government is to review of film tax breaks that have lured productions such as Braveheartand Saving Private Ryanto Ireland.
The industry in Ireland has been hit in recent years by film crews choosing lower-cost locations like Eastern Europe. The Department of Finance now wants to study the Section 481 relief for investors and filmmakers.
Tax relief for films shot in Ireland was first introduced in 1984 as part of the Business Expansion Scheme. The current relief was provided in legislation under Section 481 of the Taxes Consolidation Act 1997 and is available to both individual and corporate investors.
In 2005, the Government introduced new measures to strengthen the Section 481 tax incentive for film and television production in a bid to improve Ireland's attractiveness to filmmakers.
Investors can claim tax relief on up to 80 per cent on finance ploughed into film and TV drama productions. The maximum cap for qualifying projects also increased from €15 million to €35 million.
A spokesman for the Department of Finance said tenders by suitable consultancy firms for the review must be submitted by May 9th.
PA