Tax reliefs can attract more big movies like The Banshees of Inisherin to Ireland – and help the country cash in
IRISH eyes were smiling in Hollywood this week as the Oscar nominations were announced.
Colin Farrell received his first Best Actor nod for his role in The Banshees Of Inisherin, while co-stars Brendan Gleeson, Barry Keoghan, and Kerry Condon were also recognised.
The film secured nine nominations in some of the biggest categories. Martin McDonagh, the writer and director of the movie, is nominated for Best Picture, Best Director and Best Screenplay.
Irish star Paul Mescal is also up for Best Actor for his role in Aftersun. And An Cailin Ciuin/The Quiet Girl has been voted in for Best International Feature category. In all, Irish talent scooped 14 nominations.
Writing in the Irish Sun on Sunday today, Fianna Fáil Senator SHANE CASSELLS, said the Government must now examine increasing the tax relief cap for film productions.
IRISH OSCAR SUCCESS
THIS week saw a massive achievement for the Irish film industry.
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It was a record day for the sector with 14 Irish Oscar nominations dominated by two huge successes in Banshees of Inisherin and An Cailín Ciúin.
This success shows the tremendous talent within the Irish film industry. Oscar nomination An Cailín Ciúin was mostly filmed in my home county of Meath and this is indicative of the potential that regions across Ireland have in terms of attracting top filmmakers.
We must capitalise on this success and encourage more investment in the film industry in the country through an increase in the tax relief cap for the sector.
Section 481 relief is an incentive scheme designed to promote investment in film by granting individual investors tax relief on their investment.
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However, the current cap on the relief means any project over €70million isn’t eligible.
With the increasing competition from other countries offering similar incentives, it is time for Ireland to consider increasing the relief in order to stay competitive and continue to attract major productions.
TAX RELIEF CAP
An increase in the tax relief cap would encourage more companies to look at Ireland and boost the film industry for our indigenous actors, writers and film crews.
There are a number of arguments for increasing the film tax relief cap.
Firstly, the economic benefits it brings to the country. The film and television industry is a major contributor to Ireland’s economy, providing jobs and income for thousands of people.
By increasing the relief, Ireland can attract more productions, which in turn will lead to more job opportunities and economic growth.
Secondly, and probably most importantly, an increase in the cap will attract further investment into the industry and put Ireland firmly on the film industry’s map of desired locations.
Ireland is a beautiful country with a strong cultural heritage and historical landscapes that are prime locations for film production.
If you take Banshees of Inisherin which was filmed on Inis Mor and the Achill Islands. I think it’s fair to say both areas will see a significant uptick in tourism as a result of the film.
This will be a great boost to the local economies and if we garner further investment in the industry we can repeat this across the country.
SUPPORTING THE ARTS
We know people within the Irish film sector are often forced to leave the country to access better opportunities.
By attracting further investment we can create those opportunities in Ireland and retain our talented actors, writers and filmmakers. This Government has been a very strong supporter of the arts since taking office and I believe this is the next step in leading from the front in supporting the Irish film industry.
The nation’s talent within the film industry was strongly vindicated this week by their great successes. Let’s now act by making a positive move to support the arts by increasing the tax relief cap and attracting further investment.
This is crucial to continuing the nation’s success in film and would be a welcome congratulations to the many talented men and women within the Irish film industry.
