Upward onward: Bajan excellence 2030
Introduction of dedicated incentive regime for film production
Measure announced
The development of a film industry has been tagged as an emerging sector to assist with spearheading economic growth on
the island. In an effort to incentivise interested persons to this sector, the Prime Minister proposed measures to garner
growth and eliminate any potential hindrances that would impede such development.
Applicants will be afforded three concessions:
A 25 percent transferable tax credit on eligible expenses which are directly related to the pre-production, production and
post-production of the applicants' films, inclusive of local costs as well as foreign cast and crew if paid via a Barbados
resident company.
Suppliers such as studios and film equipment rentals that are registered as exclusive film providers will be exempt from VAT.
Reduced withholding tax rate of one percent on payments of specified eligible expenses paid from a Barbados resident
company.
The above concessions are only applicable if the below requirements have been fulfilled by the film provider:
possession of a single shooting permit issued by the Film Commissioner;
minimum spend in country of US$500,000;
a signed single production services agreement with a local production services company;
engagement of pre-approved service providers in Barbados for the provision of legal, accounting and auditing
services;
PwC | 2023/24 Budget review | Barbados
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