Business Barbados - 2023 Edition

wardrobe and production were able to weigh in creatively and collaborate in a way that’s been so inspiring for us.” Government has been seeking to bring strategic direction to this emerging, high-growth sector, by providing the appropriate enabling legislation and a fiscal incentives structure that would maximize economic potential. The Cultural Industries Development Act, 2013-15 was established with a suite of tax-based incentives for the audio-visual sector. Benefits, which are accessible through the Business Development Department of the National Cultural Foundation, include: • Duty free and tax free concessions specifically on equipment, machinery and materials for the building of film and video production studios • Duty free concessions for the importation of all film production, staging and set equipment • 35% exemption from personal income tax payable by foreign resident individuals on income received while working in Barbados • Provision of a 100% export allowance on profits derived from the export sale of books, screenplays, plays, animation, and musical compositions. Additionally, the Copyright Act 1998 provides a major advantage for companies and individuals registering their work in Barbados, since it ensures the protection of Intellectual Property Rights. Effective management of Intellectual Property Rights is integral to the successful development of the film industry in particular. The Barbados Independent Film Festival, now in its seventh year of operation, insists on continuing to provide a powerful and dependable annual platform for the screening of local, regional and international independent films. Current Status The COVID 19 pandemic has had a major impact on all aspects of our lives, and the global film industry is no exception. Major and minor releases were forced to end their theatrical runs early. Some production companies have attempted unorthodox measures to release films, while others have moved to new dates or postponed indefinitely. To varying degrees across the world, cinemas and movie theatres have been closed, causing global box office sales to drop by billions of dollars. Festivals have been cancelled or postponed, and many film production processes also halted. Fewer film shoots have therefore visited our shores from the popular source markets. We have, however, been able to host a major Netflix series for the second consecutive year. As Phil Archer of Crucial Productions Inc. fondly reflects: “Both 2021 and 2022 were ground- breaking years for Barbados’ film industry. In 2021, during lockdown at the height of the pandemic, I facilitated and was Production Supervisor on the popular Netflix original series ‘Outer Banks’. On location with 13 Degrees North Productions. 111 BUSINESS BARBADOS 2023