Excerpts from 2013 Budget Speech By Finance Minister Larry Howai CREATIVE INDUSTRIES “…Mr Speaker, fifth, is the creative industries which cover film, music and entertainment, fashion and arts and the associated establishment of Trinidad and Tobago as a premier film and television production centre. This represents one of our key public policy initiatives for the creation of employment and national wealth. To boost the film sub-sector I propose to expand the current incentives which are currently available to the film sub-sector. We have now put in place the infrastructure for expanding and developing the Arts and Creative Industries. The performing and visual arts, the literary and fashion industries, architectural design and software industries are all being encouraged to become world-class. The culture shift to arts and creativity would mean, not only having world-class artistes but also mean that such artistes would have sustainable livelihoods. Additionally Mr Speaker, the soon-to-be established Ramleela Centre with its street theatre will contribute to the continuing development of the arts and culture of our cosmopolitan society. The Ministry of Trade, Industry and Investment is now playing a key role in the development of this sub-sector…” INCENTIVES FOR ENHANCING THE CREATIVE INDUSTRIES “…Effective January 1st 2013, I propose to implement for persons in the creative industry, the following tax incentives currently available to sponsors and producers: 150.0 per cent tax deduction up to a maximum of $3.0 million for the corporate sponsorship of nationals in the local fashion industry; 150.0 per cent tax deduction up to a maximum of $3.0 million for the corporate sponsorship of audio, visual or video productions for the purpose of local education or local entertainment; and 150.0 per cent tax deduction up to a maximum of $3.0 million may be claimed by local production companies in respect of their own productions. During the fiscal year 2013, the Minister of Trade, Industry and Investment will collaborate with the Chamber of Commerce to establish the necessary Guarantee with the Comptroller of Customs and Excise in order to facilitate relief from customs duty under the carnet system, for persons in the creative industries. During the fiscal year 2013, I propose to implement for persons in the creative industries, in particular the film industry, a regime to allow them to import into Trinidad and Tobago equipment and film-specific goods duty free. During the fiscal year 2013, I propose to implement for persons in the creative industries, the zero-rating of Value Added Tax on machinery and equipment The Ministry of Trade, Industry and Investment will collaborate with persons in the creative industry to determine the goods that should be zero-rated…”
Posted on: Wed, 11 Sep 2013 15:40:44 +0000
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