Cultural Industries Development Act
The Act provides for:
1.the establishment of a regulatory framework to facilitate and encourage the sustainable growth and development of the cultural industries,
2.funding for cultural projects and duty-free concessions and,
3.income tax benefits in respect of cultural projects and related matters.
The Cultural Industries Development Act was proclaimed in 2015. The Act serves as the conduit through which the potential of the cultural industries would be realised. The Act recognizes the vital contribution of the cultural industries to sustainable development and seeks to promote the sector though the provision of incentives for cultural workers.
The Act also encourages public-private sector partnerships and partnerships with all stakeholders through the establishment of the Cultural Industries Development Fund which is managed by the Authority. The purposes of the Fund are to: (1) finance cultural projects and programmes that are designed to develop the cultural industries sector and train cultural entrepreneurs, cultural practitioners, cultural administrators and cultural workers; (2) provide cultural entrepreneurs with non-repayable grants to enable them to participate in local and overseas events, workshops and seminars and allow for training, marketing and export, and product development; and (3) provide repayable grants and loans for cultural projects and provide equity financing to allow investors to inject funds into cultural businesses and in return to take an equity share in the capital of such businesses.
This legislation also makes provision for the establishment of a Cultural Industries Development Authority. The Authority is responsible for: promoting, assisting and facilitating the efficient development of the cultural industries and designing and implementing suitable marketing strategies for the effective promotion of the cultural industries.
The expected outcomes which are anticipated through the implementation of the Cultural Industries Development Act include, but are not limited to, the following:
- The continued capturing of practitioner data via the Barbados Registry of Artistes and Cultural Workers
- The implementation of a mapping and economic assessment of the cultural industries
- Developing and designing the processes and benchmarks towards standardizing industry processes
- Identify and support training and skills development for the industry
- Provide support for investment into the industry and work with stakeholders and constituents in the cultural industries to developt infrastructure specific to the industry, such as factories, galleries, studios, theatres, etc.
- Identify markets for trade and develop trade links and strategies
US$ 200, 000
Funds are provided through the budget allocated to the Barbados Cultural Industries Development Authority (BCIDA). CIDA has responsiblity for overseeing the implementation of the Cultural Idustruies Development Act.