Editor's Lens: Thank you, Mr President but it’s time for action
In the State of the Nation Address (SONA) delivered in Parliament on Tuesday, February 27, President Nana Addo Dankwa Akufo-Addo announced that the government had plans to introduce a significant tax rebate to bolster the country's cinema sector and position it as a competitive destination for film production.
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The proposed tax rebate, set at 20 per cent, is aimed at incentivising strategic film productions and fostering growth within the local filmmaking ecosystem.
The President explained that the government, through the National Film Authority (NFA), was committed to supporting the production of world-class content and film.
The initiative includes a favourable fiscal (tax) regime for cinema projects, including income tax and VAT incentives, import duty exemptions on film production equipment, 20 per cent tax rebate for strategic film productions and film financing reliefs.
President Akufo-Addo said the proposal was presently being elaborated by Cabinet, which should be implemented very soon, and should provide the means for the choice of Ghana as a film production country.
The above is good news for players in the film industry and, to a larger extent, the creative industry.
However, it has to be mentioned that this should not be another “promise and fail” project that the creative industry will be subjected to as has been happening over the years.
The creative industry is burdened with unending challenges and interventions as mentioned by the President in his SONA so this intervention will go a long way to help the sector, which is grappling with challenges.
Well, the good news here is that the proposal is already on the table at Cabinet and should be implemented soon.
Graphic Showbiz commends the government for coming up with this tax incentive, which is geared towards growing Ghana into a film hub in the sub-region and beyond.
However, as mentioned, this will be another “talk shop” or “promise and fail” that the creative industry has been enduring for years if it doesn’t see the light of day.
Certainly not!
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