Ireland has launched a new tax credit for digital games.
Paschal Donohoe TD (The Minister for Finance) and Catherine Martin TD (Minister for Tourism, Culture, Arts, Gaeltacht, Sports and Media) led the charge on the new refundable corporation tax credit, which will be available to Ireland’s developers at a rate of 32% on eligible expenditures, with a maximum limit of €25 million (£21.7 million) per game project.
To be eligible for the tax credit, games developed have to have met a minimum spend requirement of €100,000 (£86,912).
In introducing the tax credit, Ireland hopes that more games will be developed in the nation, both creating jobs and bringing the Irish games industry into the same sort of spotlight of prestige and recognition as is seen with its contemporary film and animation production companies.
“I am delighted to announce the launch of the Tax Credit for Digital Games. Ireland is already a world leader in other areas of the audiovisual sector including film, television and animation production, I believe that this credit will be instrumental in replicating such successes in the digital gaming sector.” said Minister Donohoe. “The introduction of this credit will ensure that Ireland is competitive in an industry that is estimated to be worth up to €260 billion.”
“Digital games and growing employment and output from Ireland’s games sector is a key part of the Government’s Audio-visual Action Plan,” said Minister Martin, earlier today. “The Digital Games Tax Credit will lead to support for the development of indigenous games companies along with increased investment from overseas games companies looking to locate in Ireland. Today is an important day for the expanding Irish Games industry and this Scheme will help to create jobs in the creative and digital arts in Ireland.”
From later on today, game development companies in Ireland will be able to apply for an interim certificate from the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media. Certificate holders should be able to apply for their remuneration after January 1, 2023.