Investment in Cultural Industries Netting Returns

admin Ministry News

Investment in Barbados??? cultural products and services will lead to significant financial returns for the sector.

This declaration came from Permanent Secretary in the Ministry of Culture, Ruth Blackman, in her address at the opening ceremony of the Barbados Coalition of Service Industries Inc.???s Creative Industries Workshop at the Cave Hill School of Business on Tuesday.

Stating that Government cannot do it all alone, the Permanent Secretary issued an invitation to members of the private sector to ???get on board??? with the development of the cultural industries in Barbados, as there are many benefits to be reaped.

???You should be aware that under section 31 (of the Cultural Industries Development Act), any member of the private sector, individual, or company, investing in a cultural practitioner, or cultural product, can claim 100 per cent of that investment on their accessible income,??? she noted.

Mrs. Blackman further explained that the Cultural Industries Development Act presents legislation which provides ???a range of incentives???, including tax exemptions and income tax concessions.

Disclosing that the Barbados Artist Registry has approximately 200 registered artists, the Permanent Secretary acknowledged that great progress was being made by way of buy-in from cultural practitioners.??The Cultural Industries Development Act was proclaimed on February 1, 2015.

jamal.weekes@barbados.gov.bb

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