The Audiovisual Federation, the Ibec group that represents the audiovisual industry, welcomes the announcement today by the Minister for Finance and Public Expenditure and Reform Paschal Donohoe T.D. in the Budget speech to extend the Section 481 tax-based production incentive to 2024.
Torlach Denihan, Director of Audiovisual Federation said: “The extension of Section 481 will help achieve the government’s Audiovisual Action Plan goal of doubling the current 10,810 jobs in the sector over the next 5 years. Section 481 has been shown to yield a positive net benefit to the Exchequer in the recent Olsberg-SPI Nordicity report for government.
“Government should build on the momentum of this decision and help the sector further by effective measures to combat both digital piracy and television licence fee evasion. Digital piracy is a growing problem because of the 9.8% increase to 590 million visits to piracy websites by Irish internet users last year (Source: MUSO) meaning that more Exchequer revenue is being evaded and jobs are being lost. Television licence fee evasion is currently costing the sector approximately €40m per annum in lost revenue because public service broadcasters are a crucial source of commissions for the independent production sector.”