The Audiovisual Federation of Ireland's employer's lobbyIBEC has released its annual report for 2005, reviewing production andemployment statistics across the film and TV sectors in 2004 and givingestimates for 2005.
Produced just as the new measures were being adopted in
'Given that the UK spend requirement has been doubled from20% to 40% under the new legislation effective from April 2006, the previouspattern of shooting a film in Ireland and editing in the UK to access bothincentives - a key factor in attracting major Hollywood films to Ireland in thepast five years - will now slow down. The U.S studios will now be more likelyto decide on either
However Flynn does point out that, in the short term, theexpiry date of the
In the longer term the Audiovisual Federation has called onthe government to adopt three key measures in the 2006 Finance Act. Firstly, toremove the Section 481 cap of $17.7m (15m Euros). This would enable
While a cost benefit analysis shows that the sector as awhole continued to make a significant contribution to the Irish economy, thelevel and value of feature film production has fallen off dramatically in 2004and 2005. A total of $60.2m (50.9m Euros) million was invested from abroadacross the entire sector in 2004 and returns to the exchequer, derived fromincomes and expenditure, again exceeded tax forgone through Section 481yielding a $14.4m (12.2m Euros) net gainto the Irish Economy.
The Audiovisual Federation of IBEC consists of membercompanies involved in