Grenada’s Government offers CET and VAT concessions for creative industry players

Grenada’s  Government has launched a new incentive for registered creative practitioners and organizations, giving them “100 per cent concessions” on Common External Tariff (CET) and Value Added Tax (VAT) for items considered “tools of trade”.

The program, aimed at supporting investment and participation in the creative industry, came into effect on March 1, said a government statement on Thursday.

It said those eligible for the concessions are registered cultural and creative practitioners and businesses; registered retailers of trade tools directly used in producing creative goods and services; and registered education and community organizations or program focused on delivering training in the creative and cultural industry.

Minister of Economic Development and Planning Lennox Andrews said the government is committed to the development of the creative industry, and this incentive scheme is a testament to that commitment.

“We hope that by providing duty-free concessions, we can enable more businesses and organizations to participate in the creative industry and help to create a vibrant and thriving sector that contributes to our country’s economic and cultural development,” he said.

To apply for the incentives, interested individuals and organizations must first register with the Grenada Office of Creative Affairs (GOCA) online.

The government said the incentive program provides a significant opportunity for eligible creative practitioners and organizations to access the resources they need to thrive and contribute to the growth of the creative industry.

“By supporting investment in this sector, the program can help to drive economic growth, create jobs, and promote cultural development,” it said.

CMC/