PM’s film incentives to give local industry an edge

One of the owners of a locally-based international media production company says the new incentive regime for film production will allow the industry to better compete with the rest of the region and attract more international productions.
Executive Director of 13 Degrees North, Kirk Dawson, who is also a member of a steering committee on film that has made recommendations to the Government on strategies to energise the sector, told Barbados TODAY the incentives would augur well for the film industry.
“[We’ve] been pushing for this film incentive to happen for over 15 years and to finally have it, it is a very good thing for the sector,” he said as he welcomed the Government’s renewed focus on the industry.
During the presentation of her 2023-2024 Budgetary Proposals on Tuesday, Prime Minister Mia Mottley announced a 25 per cent transferable tax credit on eligible expenses directly related to the preproduction, production and post-production of films, which include all local costs and foreign cast and crew if paid via a Barbadian production company.
Additionally, suppliers such as studios and film equipment rentals that are registered as exclusive film providers are exempt from Value Added Tax; and payments to foreign cast and crew, if made via a Barbadian company, are subject to only one per cent Withholding Tax.
“For overseas productions to claim the [25 per cent] incentive is good, but we don’t know exactly what the stipulations are with how that 25 per cent is actually broken down to claim the incentives,” Dawson said.
(SB)