Screen Producers welcome report on Section 481

Screen Producers Ireland (SPI) has welcomed the Joint Oireachtas Committee on Finance assertion that its final report will recommend retention of the Section 481 tax incentive for the film industry until the end of 2007.

It also expressed its satisfaction that there was uniform acknowledgement by Government officials at the Committee's session last week that the current tax incentive provides a return on the exchequer's investment.

Andrew Lowe, Joint Chair Film Committee, SPI said: "It was broadly accepted that there is a return to the exchequer on its investment in film tax incentives.

"We are pleased to hear the Price Waterhouse Cooper report produced on behalf of the Department of Arts, Sports & Tourism and the Irish Film Board supports this position," he added.

Lowe stated that he hoped the Finance Committee's deliberations and subsequent report to Government would be received favourably by the Minister for Finance Charlie McCreevy.

In response to the Revenue's claim that 6.4% of Section 481 applications showed levels of abuse, Lowe confirmed that SPI representatives met with Revenue Commissioners last Monday to highlight their disquiet in relation to the situation.

"We were relieved to hear the Revenue Commissioners clarifications today regarding the historical nature of these abuses, and that the Revenue Commissioners seem to have them well in hand," Lowe concluded.