Tax Breaks, Weak Euro Lure Moviemakers to Ireland
October 16, 2000 - 0:0
DUBLIN After several years out of the limelight, Ireland's film industry is experiencing a major growth spurt, with more than 20 projects shooting or in the pipeline since the start of the year.
The restoration of generous tax breaks combined with the fall of the euro have been major factors in the renaissance.
"The industry is better now than it's ever been," said Kevin Moriarty, head of the country's largest production facility, Ardmore Studios.
"Ireland has always been a good place to make films but the money wasn't always around," he told Reuters. "Now the money's rolling in, a solid infrastructure is being built and the opportunities are here." According to Ireland's Arts Ministry, the cumulative budget of current and pending projects has doubled since last year to around 120 million Irish pounds ($134 million).
Major films in production include "The Tailor of Panama", based on John le Carre's best-selling novel and starring Irish actor Pierce Brosnan, and "The Count of Monte Cristo" featuring Jim Caviezel and Irish film veteran Richard Harris.
A remake of Hollywood legend Orson Welles' 1942 historical epic "The Magnificent Ambersons" is also under way, the story's 19th century Midwestern America backdrop necessitating the largest set ever built in Ireland.
Tax Incentives Key to the resurgence in activity was the renewal in February of section 481, a government scheme which allows liberal tax incentives for investment in filmmaking.
Uncertainty over the continuation of the scheme introduced in 1993 and now guaranteed for another five years had spooked an industry accustomed to planning projects well in advance.
Foreign filmmakers, working largely in U.S. dollars, have been further encouraged by the weakness of the euro which, when played off against the strength of sterling, has diverted business away from neighboring Britain.
An additional sweetener is Ireland's 10 percent rate of corporation tax, which has helped draw so much of the inward investment fueling the country's current economic boom.
Producer Gary Barber, of U.S. company Spyglass Entertainment, who is nearing completion of "The Count of Monte Cristo", described Ireland as a very film-friendly place.
"In the first place Ireland has the gallic' look we wanted for the movie, but also there are good economic incentives to film here, the currency (exchange rate) is advantageous, and we know the crafts people to be very good," he said.
Barber, who has produced such box-office hits as "Robin Hood: Prince of Thieves", and last year's "The Sixth Sense", said his company had been treated so well in Ireland it had decided to shoot another film in the country almost immediately.
(Reuter)
The restoration of generous tax breaks combined with the fall of the euro have been major factors in the renaissance.
"The industry is better now than it's ever been," said Kevin Moriarty, head of the country's largest production facility, Ardmore Studios.
"Ireland has always been a good place to make films but the money wasn't always around," he told Reuters. "Now the money's rolling in, a solid infrastructure is being built and the opportunities are here." According to Ireland's Arts Ministry, the cumulative budget of current and pending projects has doubled since last year to around 120 million Irish pounds ($134 million).
Major films in production include "The Tailor of Panama", based on John le Carre's best-selling novel and starring Irish actor Pierce Brosnan, and "The Count of Monte Cristo" featuring Jim Caviezel and Irish film veteran Richard Harris.
A remake of Hollywood legend Orson Welles' 1942 historical epic "The Magnificent Ambersons" is also under way, the story's 19th century Midwestern America backdrop necessitating the largest set ever built in Ireland.
Tax Incentives Key to the resurgence in activity was the renewal in February of section 481, a government scheme which allows liberal tax incentives for investment in filmmaking.
Uncertainty over the continuation of the scheme introduced in 1993 and now guaranteed for another five years had spooked an industry accustomed to planning projects well in advance.
Foreign filmmakers, working largely in U.S. dollars, have been further encouraged by the weakness of the euro which, when played off against the strength of sterling, has diverted business away from neighboring Britain.
An additional sweetener is Ireland's 10 percent rate of corporation tax, which has helped draw so much of the inward investment fueling the country's current economic boom.
Producer Gary Barber, of U.S. company Spyglass Entertainment, who is nearing completion of "The Count of Monte Cristo", described Ireland as a very film-friendly place.
"In the first place Ireland has the gallic' look we wanted for the movie, but also there are good economic incentives to film here, the currency (exchange rate) is advantageous, and we know the crafts people to be very good," he said.
Barber, who has produced such box-office hits as "Robin Hood: Prince of Thieves", and last year's "The Sixth Sense", said his company had been treated so well in Ireland it had decided to shoot another film in the country almost immediately.
(Reuter)