As it relates to the Film Sector, local production companies wishing to produce films and create content in Jamaica can benefit from incentives under the Fiscal Incentive Act (i.e. Productive Input Relief, Employment Tax Credit).Under this Act, a registered film producer, local production house or individual is entitled to relief from income tax when importing good and services. This is done through registration on the Entertainment Registry.
International production companies benefit from the bond waiver for temporary importation, as well as the various permit facilitation including business friendly entry requirements and easy access to the visas and work permits needed to facilitate projects in the industry.
The Animation and Music Sectors can benefit from the following incentives:
- Employment Tax Credit (ETC) and thus face a corporate income tax as low as 17.5%
- Capital Allowances that cover, among other things, a broadened definition of ‘industrial buildings’
- Duty-free Importation of Equipment and Machinery, as well as revised tariff rates ranging from 0% to no higher than 20% (with some exceptions)
- Productive Input Relief (PIR) that provides that the musicians and film-makers will be able to import industry-related items where they are registered under the Creative Industries Registry, which is managed by the Ministry of Tourism and Entertainment. One registered the companies will be required to pay the customs duty and the Additional Stamp Duty (ASD) when purchased for productive use
- Film Industry Bond Waiver on the temporary importation of their film equipment