360. Deputy Imelda Munster asked the Minister for Finance if he plans to introduce an 8% VFX uplift to the current section 481 legislation; and if he will make a statement on the matter. [32299/24]

The section 481 film tax credit provides relief in the form of a corporation tax credit related to the cost of production of certain audio-visual productions, including costs incurred on visual effects (VFX). The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of Irish and European culture.

Currently, the credit is granted at a rate of 32% of the lowest of:

• eligible expenditure,

• 80% of the total cost of production of the film, and

• €125 million

My predecessor, former Minister McGrath, provided for the increase in the section 481 project cap as part of Budget 2024 to support the competitiveness of our audio-visual sector in terms of attracting high value productions to Ireland and to further enhance Ireland’s reputation as a centre of excellence for screen production.

In relation to any plans to amend the section 481 legislation as part of Budget 2025, the Deputy will be aware that it is a long-standing practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.