Is there any special consideration for the Creative Industries?

Is there any special consideration for the Creative Industries?

The Creative Industries can benefit from the following incentives:

  • Employment Tax Credit (ETC) and thus face an effective corporate income tax rate as low as 17.5% 
  • Capital Allowances that cover, among other things, a broadened definition of ‘industrial buildings’
  • Duty-free Importation of Equipment and Machinery, as well as revised tariff rates ranging from 0% to no higher than 20% (with some exceptions)
  • Productive Input Relief (PIR) that provides that the musicians and film-makers will be able to import industry-related items where they are registered under the Creative Industries Registry, which is managed by the Ministry of Tourism and Entertainment.  Once registered, persons are required to pay GCT, Environmental Levy and ASD, NOT Customs duty.  
  • Film Industry Bond Waiver on the temporary importation of their film equipment