Recent changes to tax incentives in the UK are specifically aimed at attracting Hollywood blockbusters, and, according to Tommy McCabe, director of Ibec's Audiovisual Federation, have "eclipsed the benefits of section 481".

The Audiovisual Federation believes that several key changes need to be made to the tax incentive to allow Ireland compete internationally, particularly with the UK market.

These include extending relief to non-EU cast and crew, reinstating the relief to 90-100% and a commitment to extending the scheme to 2012.

"They are reinstatements of features the scheme previously had, but the combination of these elements will give Ireland the best possible chance to bring back big-budget films to Ireland, " says Tommy McCabe.

These are amendments that James Flynn, chair of the film committee of Screen Producers Ireland. would also welcome.

"It would make our incentive highly competitive, " he says, "and would result in increased activity which would benefit the economy, particularly the tourist industry."