Some changes to the operation of Section 481 are buried in today's Finance Act - looks like a fair bit of tightening up on reporting and compliance. I wonder what triggered the Revenue's concern?
23.—The Principal Act is amended in section 481—
(a) in subsection (1) by inserting the following definition after the definition of ‘‘authorised officer’’: ‘‘ ‘director’ shall be construed in accordance with section 433(4);’’,
(b) in subsection (1), in the definition of ‘‘relevant investment’’, by substituting ‘‘qualifying company,’’ for ‘‘qualifying company.’’,
(c) in subsection (1) by inserting the following definition after the definition of ‘‘relevant investment’’: ‘‘ ‘specified relevant person’ means any director or secretary of the qualifying company.’’,
(d) in subsection (2A)(g)(v) by substituting ‘‘subsection (2CA)’’ for ‘‘subsection (2C)(ba)’’,
(e) in subsection (2C)(b) by substituting ‘‘subject to subsection (2CA),’’ for ‘‘subject to paragraph (ba),’’,
(f) in subsection (2C) by deleting paragraph (ba),
(g) in subsection (2C) by deleting ‘‘and’’ before paragraph (d),
(h) in subsection (2C)(d) by substituting ‘‘fulfilled,’’ for ‘‘fulfilled.’’,
(i) in subsection (2C) by inserting the following after paragraph (d): ‘‘and (e) if any sum representing— (i) a repayment of a relevant investment, or (ii) an amount in connection with a relevant investment, out of the proceeds of exploiting the film — is paid to an allowable investor company or qualifying individual, as the case may be, before the Revenue Commissioners have notified the company in writing that a compliance report, as referred to in paragraph (d)(iii), has been received by them.’’,
(j) by inserting the following after subsection (2C): ‘‘(2CA) (a) Paragraph (b) of subsection (2C) shall not apply to financial arrangements in relation to a transaction, or series of transactions, where such arrangements have been approved by the Revenue Commissioners. (b) The Revenue Commissioners shall not approve financial arrangements, to which paragraph (b) of subsection (2C) would, but for this subsection, apply unless: (i) the arrangements relate to either or both—(I) an investment made in a qualifying film, and (II) the filming of part of a film in a territory other than a territory 5 referred to in clause (I) or (II) of subsection (2C)(b)(i), (ii) a request for approval is made by the qualifying company to the Revenue Commissioners before such arrangements are effected, (iii) the qualifying company demonstrates to the satisfaction of the Revenue Commissioners that it can provide, if requested, sufficient 15 records to enable the Revenue Commissioners to verify—(I) in the case of an investment, the amount of the investment made in the qualifying company and the person who made the investment, and (II) in the case of filming in a territory,the amount of each item of expenditure on the production of the qualifying film expended in the territory, whether expended by the qualifying company or by any other person, and (iv) they are satisfied that it is appropriate to grant such approval. (c) In considering whether to grant an approval under this subsection in relation to financial arrangements, the Revenue Commissioners may seek any information they consider appropriate in relation to the arrangements or in relation to any person who is, directly or indirectly, a party to the arrangements. (d) Where the Revenue Commissioners have approved financial arrangements in accordance with this subsection, no amount of money expended, either directly or indirectly, as part of the arrangements may be regarded, for the purposes of subsection (2A)(g)(iv), as an amount of money expended on either the employment of eligible individuals or on the provision of goods, services and facilities as referred to in that subsection.’’,
(k) in subsection (2E)(m) by substituting ‘‘subsection (2CA)’’ for ‘‘subsection (2C)(ba)’’, and (l) by inserting the following after subsection (2E): ‘‘(2F) Where a qualifying company fails to provide to the Revenue Commissioners a compliance report as 5 referred to in subsection (2C)(d)(iii), within the time provided for in regulations made under subsection (2E)(h), the specified relevant person shall provide such compliance report to the Revenue Commissioners within 2 months after that time.’’.
Wednesday, February 8, 2012
Wednesday, February 1, 2012
Spreading the word...
Just caught up with an article We Are All Scabs: Some Contradictions in U.S. Independent Film Culture by Donal Foreman in 'The Brooklyn Rail'
This excerpt rings especially true of film conferences and industry events everywhere -
Out of over 100 panelists speaking at the Filmmaker Conference, it was striking how few were filmmakers and how many were agents, publicists, distributors, and festival programmers—reminding me of the quip that the most lucrative consumer base in the indie film world is indie filmmakers. The impression was that the New World hadn’t made these roles redundant so much as forced their renegotiation. Several of this year’s distributor-panelists stated that they weren’t interested in acquiring a film unless its makers had already “built” their audience and achieved a powerful social media presence, effectively offloading a layer of their marketing duties as a positive externality.
It is useful to reflect on this given the €1.8 billion that the EC is going to pour into its new Culture and MEDIA programmes - intended to support the exploitation of culture rather than the people who originate it.
This excerpt rings especially true of film conferences and industry events everywhere -
Out of over 100 panelists speaking at the Filmmaker Conference, it was striking how few were filmmakers and how many were agents, publicists, distributors, and festival programmers—reminding me of the quip that the most lucrative consumer base in the indie film world is indie filmmakers. The impression was that the New World hadn’t made these roles redundant so much as forced their renegotiation. Several of this year’s distributor-panelists stated that they weren’t interested in acquiring a film unless its makers had already “built” their audience and achieved a powerful social media presence, effectively offloading a layer of their marketing duties as a positive externality.
It is useful to reflect on this given the €1.8 billion that the EC is going to pour into its new Culture and MEDIA programmes - intended to support the exploitation of culture rather than the people who originate it.
Tuesday, January 31, 2012
Patrick Jolley - RIP
I have just heard, belatedly, of the untimely death in India of Paddy Jolley.
Paddy was one of the most creative makers of the moving image that we have produced in this country. I will never forget the impact of his first short, Seven Days 'Til Sunday, when I first saw it in the Opera House in Cork at the Cork Film Festival many years ago.
I was not aware that he was a brother of the poet Kerry Hardie whose work I first discovered in an 'Introductions' submissions folder when working for Poetry Ireland about twenty years ago. Condolences to her and to the rest of Paddy's family.
I hope that one of the festivals mounts a full retrospective in his memory this year.
Paddy was one of the most creative makers of the moving image that we have produced in this country. I will never forget the impact of his first short, Seven Days 'Til Sunday, when I first saw it in the Opera House in Cork at the Cork Film Festival many years ago.
I was not aware that he was a brother of the poet Kerry Hardie whose work I first discovered in an 'Introductions' submissions folder when working for Poetry Ireland about twenty years ago. Condolences to her and to the rest of Paddy's family.
I hope that one of the festivals mounts a full retrospective in his memory this year.
Tuesday, January 24, 2012
A Famous Five er Six.. no, Seven!
It's five, no six, better make that seven Irish or Irish-related Oscar nominations.
Three for Albert Nobbs, best actress and best actress in a supporting role for Glenn Close and Janet McTeer respectively, and best makeup. Plus two in the short live action category for Peter McDonald's Pentecost and Terry George's The Shore.
The sixth is Peter Devlin's nomination for his work on Transformers
The seventh is Tom Johnson, resident of Roundwood and stalwart of Ardmore Sound, Best Sound Mixing for War Horse*
Congrats all round!
*hat tip to Alan Collins for alerting me to Tom's nomination, I missed it in the lists
Three for Albert Nobbs, best actress and best actress in a supporting role for Glenn Close and Janet McTeer respectively, and best makeup. Plus two in the short live action category for Peter McDonald's Pentecost and Terry George's The Shore.
The sixth is Peter Devlin's nomination for his work on Transformers
The seventh is Tom Johnson, resident of Roundwood and stalwart of Ardmore Sound, Best Sound Mixing for War Horse*
Congrats all round!
*hat tip to Alan Collins for alerting me to Tom's nomination, I missed it in the lists
Tuesday, January 10, 2012
Mary Raftery - RIP
I was privileged to interview Mary Raftery about States of Fear for issue 71 of Film Ireland, June/July 1999.
It is rare to encounter a journalist who is as rigorous in their work as they are disinterested (in self-promotion). Mary Raftery was one of the few who could be so described and one of, if not the best among them.
It is rare to encounter a journalist who is as rigorous in their work as they are disinterested (in self-promotion). Mary Raftery was one of the few who could be so described and one of, if not the best among them.
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