Tax ease for festivals
GOVERNMENT is looking to provide specific duty-free and income tax concessions to community festivals with the coming of the Cultural Industries Development Act on the statute books.
The above promise was made by Minister of Family, Culture, Sports and Youth Stephen Lashley as he delivered the main address at the opening of 2011 Holetown Festival in St James yesterday.
The minister, speaking to a large audience comprising visitors, locals and Government officials, noted the Holetown Festival as one that “has emerged as the closest rival to our premier festival Crop Over”.
“We must not underestimate the value of community festivals like these, and Government remains committed to supporting them . . . . Research has shown that community festivals provided valuable opportunities for the social interaction and for communities to celebrate themselves.”
In reference to the anticipated Culturies Industries Act, Lashley said that it would take into account the organizers of the community festivals.
He said the draft legislation was still being worked on by the Office Of The Attorney General “and the actual details of concessions and incentives are being fine-tuned”.
“Suffice it to say, a community festival like this one, will be classified as a cultural project, and once approved by the relevant authorities, will be eligible for specific duty-free and income tax concessions.” (JS)