BARBADIANS MUST INVEST IN CULTURE SO AS TO BENEFIT FROM TAX CONCESSIONS
Minister of Culture, Sports and Youth, Stephen Lashley, has called on the private sector and individuals to invest in the cultural industries, and in turn, benefit from tax concessions.
He explained that under the Act, individuals or private sector companies that invest in cultural practitioners or an approved cultural project are eligible for generous income tax concessions for the first five years after the commencement of the Act.
He added that heritage was another major investment area under the Act, as the Ministry of Culture was interested in restoring the island’s iconic buildings.
“Persons, particularly in the private sector, can come up with a cultural project in the heritage area. Once that cultural project is designed and submitted to the Cultural Industries Development Authority and approved, there are a host of incentives in terms of exemption from import duties and income tax concessions that are allowed under the legislation,” he pointed out.
The Cultural Minister stressed that by investment, “you are really talking about a cash injection“, and reasoned that investment could come by means of sponsorship for an approved cultural project.
“Once the investor has evidence that he is supporting a registered cultural business or cultural project, he or she, in calculating their assessable income, would be entitled to claim the relevant income tax concession,” the Cabinet Minister noted.
Mr. Lashley further explained that if the investment was purchasing shares in a cultural enterprise, the dividends earned on those shares were exempt from withholding and other taxes under the Income Tax Act. (SP/BGIS)