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Amendment of section 481 (relief for investment in films) of Principal Act.
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36.—Section 481 of the Principal Act is amended—
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(a) in subsection (2)(b), by deleting subparagraph (1),
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(b) in subsection (2A)(g)—
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(i) by deleting subparagraph (i),
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(ii) in subparagraph (iii) by substituting “the amount per cent (in subsection (2)(c) referred to as ‘the specified percentage’) specified in the certificate” for “the specified percentage, as referred to in that subsection”,
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(iii) by substituting the following for subparagraph (iv):
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“(iv) in relation to the minimum amount of money to be expended on the production of the qualifying film—
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(I) directly by the qualifying company on the employment, by the company, of eligible individuals, in so far as those individuals exercise their employment in the State in the production of the qualifying film, and
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(II) directly or indirectly by the qualifying company, on the provision of certain goods, services and facilities, as set out in regulations made under subsection (2E),”,
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and
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(iv) by inserting the following after subparagraph (iv):
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“(v) where financial arrangements have been approved by the Revenue Commissioners in accordance with subsection (2C)(ba), in relation to any matter pertaining to those arrangements.”,
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(c) in subsection (2C)—
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(i) in paragraph (b), by inserting “subject to paragraph (ba),” before “if”, and
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(ii) by inserting the following after paragraph (b):
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“(ba) (i) Paragraph (b) 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.
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(ii) The Revenue Commissioners shall not approve financial arrangements, to which paragraph (b) would, but for this paragraph, apply unless:
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(I) the arrangements relate to either or both—
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(A) an investment made in a qualifying film, and
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(B) the filming of part of a film in a territory other than a territory referred to in clause (I) or (II) of paragraph (b)(i),
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(II) a request for approval is made by the qualifying company to the Revenue Commissioners before such arrangements are effected,
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(III) the qualifying company demonstrates to the satisfaction of the Revenue Commissioners that it can provide, if requested, sufficient records to enable the Revenue Commissioners to verify—
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(A) in the case of an investment, the amount of the investment made in the qualifying company and the person who made the investment, and
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(B) 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,
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and
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(IV) they are satisfied that it is appropriate to grant such approval.
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(iii) In considering whether to grant an approval under this paragraph 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.
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(iv) Where the Revenue Commissioners have approved financial arrangements in accordance with this paragraph, 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.”,
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(d) in subsection (2E)—
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(i) in paragraph (k), by deleting “and”, and
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(ii) by inserting the following after paragraph (l):
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“(m) governing the approval of financial arrangements in accordance with subsection (2C)(ba), and
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(n) governing the employment of eligible individuals, as referred to in subsection (2A)(g)(iv), and the circumstances in which expenditure by a qualifying company would be regarded as expenditure on the employment of those individuals in the production of a qualifying film.”,
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and
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(e) in subsection (22), by substituting “1 January 2005” for “the day appointed by order made by the Minister for Finance for the coming into operation of this subsection” and “the day so appointed” respectively.
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