Barbados To Announce Cultural Sector Tax Breaks
by Mike Godfrey, Lowtax.net, Washington
22 January, 2015
New tax incentives for cultural industries in Barbados are to be proposed in a law due to be released next month.
The Cultural Industries Development Act, which will be published on February 1, 2015, would introduce various tax breaks for the industries, to provide a level of support equivalent to that provided to the tourism industry.
The territory's Minister of Culture, Sports, and Youth, Stephen Lashley, said: "One of the key components of the incentives is to make provisions for the private sector to be able to invest in the cultural industries sector and to do so in a way to allow for investments to be given the necessary tax write-off treatment. That alone, in my view, will encourage the private sector to feel much more confident to invest in the tremendously promising work of the creative sector in Barbados."
The legislation would provide duty-free concessions and income tax benefits for projects. Other benefits would include tax allowances and exemptions on cultural initiatives and incentives for heritage and conservation activities.
"This essentially places the cultural industries sector on full footing with other sectors in Barbados," he said. "The tourism, agriculture, and manufacturing sectors have for many years benefited from the provision of incentives, and to a large extent the creation of incentives have been very key to the rapid development of the tourism sector. We certainly feel this will be a key plank upon which a lot of the work that is currently happening in the cultural industries sector will be further propelled."
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