TAX RELIEF FOR THE GAMING SECTOR
The government is considering extending the current tax reliefs for the film industry to the gaming sector, The Sunday Business Post reports.
Culture minister Jimmy Deenihan will suggest to the Department of Finance that the Section 481 tax relief on films should also be made available for games development.
“I will publish a report shortly on the creative industry and, although it will not deal directly with the issue [Section 481], it will obviously bring much attention to the entire sector,” Deenihan said, when asked about the future plans for the relief, which is due to run until 2015.
When asked in the Dáil if he would extend the relief to gaming he said he would “certainly consider it, and will suggest it to the minister for finance”.
Deenihan, however, did caution any decision would depend on the likely impact on the exchequer as a result of foregone tax income.
Section 481 allows individuals to invest up to €50,000 in a movie or TV production and claim 100% tax relief on the investment. Almost €100m was invested in 2009, giving investors a tax benefit of nearly €41m.