Senator Jepter Ince, Parliamentary Secretary in the Ministry of Finance and Economic Affairs.
Cultural practitioners and representatives of financial institutions gathered for the Barbados Cultural Industries Development Authority’s 2017 Investment Forum, at Accra Beach Resort.
Government is committed to the development of Cultural Industries in Barbados.
This assurance was given to cultural practitioners by Senator Jepter Ince, Parliamentary Secretary in the Ministry of Finance and Economic Affairs, as he observed that Government’s facilitation of an enabling environment for the development and growth of the creative industries in Barbados, can be found in the Cultural Industries Development Act.
He said that the Cultural Industries Development Act not only brings much-needed structure to the industry, but also boosts the income of those who operate within the sector.
“The Cultural Industries Development Act provides for the establishment of a regulatory framework to facilitate and encourage sustainable growth and development of the cultural industries. The funding of cultural projects and the provision of duty-free concessions and tax benefits – in respect to cultural projects and creative matters,” he explained.
“As a registered cultural practitioner, with an approved capital project, you shall be exempted from the payment of import duty, stamp duty and value-added tax on imports, on equipment, imports on operation and non-capital supplies (goods used in the preparation of festivals and approved cultural projects); building materials purchased locally and other capital assets (items such as imports of equipment, apparatus and materials). This exemption will be for a period of 10 to 15 years.”
Senator Ince was at the time addressing Thursday’s Barbados Cultural Industries Development Authority’s 2017 Investment Forum, held at Accra Beach Resort.
Acknowledging Government’s commitment, he highlighted that the Ministry of Finance and Economic Affairs recently granted approval for duty and tax concessions to facilitate the Synagogue Redevelopment Project, which includes the restoration of historic buildings in Bridgetown.
The Senator said similarly, duties and tax concessions were granted to the Ministry of Culture, Sports and Youth to facilitate refurbishment of the Garfield Sobers Gymnasium Project.
“The Ministry of Finance and Economic Affairs is also cognisant of the role of the film industry in the cultural development of Barbados, and has also been inclined to extend similar support in this area.”
The Forum addressed the theme, “Exploring the Benefits of Investing in the Cultural and Creative Industries: Preparing Entrepreneurs for Investment”. This signature event in the cultural industries landscape brought together representatives from several financial institutions in Barbados, as well as creative industry entrepreneurs, for open discussions on the challenges of doing business with creative entrepreneurs, and potential returns and benefits of doing business with the creative sector. (TL)
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