High on the list of priorities, he said, is the creation of incentives to boost the local film making industry in an effort to eventually make it sustainable. He said, “Clearly, capital is critical.

Successful film making is perhaps the quintessential private sector activity. Without the fullest possible infusion of private capital, the local industry will prolong in its embryonic stage.” Therefore, in an effort to woo the support of the private sector, Maraj announced that Cabinet has recently agreed to the following: 1. The removal of VAT and duties on blank DVDs, blank video tapes and raw film stock used by certified production companies as well as on recorded DVDs with programme material that has been produced and mastered in TT by nationals and permanent residents.

2. The reinstitution of the 150 percent tax reduction for expenditure for the sponsorship of film and television products for up to a maximum of TT$1 million.

3. The assignment of responsibility for management of film production requests for the 150 percent tax deduction to the TTFC.

4. The introduction of a feature film programme with the initial sum TT$13 million to provide financing to cover 50 percent of the cost of feature films produced in TT. Income generated by the production will be shared equally by the TTFC and the film maker. Any money received by the TTFC would be reinvested into the feature film programme.

5. The introduction of a permit system for international productions filming on location in TT to ensure that all statutory requirements are met as well as to facilitate easy access to locations and facilities. This is to create, through the TTFC, a one-stop shop for obtaining permits, licences, visas etc. As an incentive to attract international film productions, film permits will be granted free of charge to those foreign companies that have applied for and been granted a permit. Local film and video production houses as well as, inter alia, non-commercial productions, educational, research and student productions and news reports will be exempted from requiring film permits for a period of five years in the first instance.

The TTFC will also create, under its permitting system, opportunities, wherever feasible, for the use by foreign productions of local personnel, equipment and services.

6. The introduction of production expenditure grants ranging from 12.5 percent to 50 percent of money spent in TT.

The TTFC was mandated by the Government to make the industry viable since the latter has now placed special focus on the film industry in its pursuit of economic diversification, through the development of the non-energy sector.

Maraj said, “The vision for the film sector is that it must enrich the cultural outpourings of TT, help to increase the Gross Domestic Product. Generate new wealth and employment and contribute to the sustainable progress of the nation.”

Source: Newsday
www.newsday.co.tt