The Cultural Industries Development Act provides for:

    • The establishment of a regulatory framework to facilitate and encourage the sustainable growth and development of the cultural industries
    • Funding for cultural projects
    • Duty free concessions and income tax benefits in respect of cultural projects.
  2. The regulatory framework includes the establishing of a central entity to manage the development of the sector in Barbados. This entity is called the Cultural Industries Development Authority (CIDA).
  3. Funding for cultural projects is made available through the Cultural Industries Development Fund, which is managed by CIDA. To access funds for any project, the applicant must be a registered artiste or cultural worker. CLICK HERE TO REGISTER.
  4. All equipment and materials necessary to create a cultural project that needs to be imported can be imported free of duty. Please see the Cultural Industries Development Act to see a list of these tools of trade CLICK HERE. If you do not see an item that is necessary for the creation of your project, you should draw it to the attention of the CIDA.
  5. Income tax benefits include:
    • approved film and motion picture activity;
    • property transfer tax on the initial purchase of a property used for cultural industries activities;
    • Set-off of capital expenditure against income over a 10 year period;
    • expenditure on training, marketing , product development and research;
    • interest rate subsidies on borrowed funds for cultural industries projects;
    • for the purposes of calculating assessable income, deductions in respect of direct investment in an approved cultural product of up to 100% for the first five years after the commencement of the Act. The private sector, individuals or companies, can also benefit from tax returns on funds invested in cultural industries projects. See full incentives in the Act. CLICK HERE