There are several tax breaks available to Ghana’s film industry, according to President Akufo-Addo.
He claims that these actions are a component of the government’s initiative to boost the creation of top-notch media and movies as well as expand the African continent’s movie theater network.
According to President Akufo-Addo, Parliament is now debating the tax measures, which include incentives for income tax and VAT, exemptions from import duties, and a 20% tax refund, and they will soon be put into effect.
“In order to achieve this, the Cabinet is working on developing a favorable fiscal (tax) regime for film projects. This will include incentives for income tax and value-added tax, import duty exemptions on equipment used in film production, a twenty percent (20%) tax rebate for strategic film productions, and relief from film financing. It should be implemented very soon and offer additional evidence for choosing Ghana as a location for film production,” the president revealed on Tuesday, February 27.
Following the release of several initiatives by Dr. Bawumia for the creative industry, President Akufo-Addo made his declaration.
Dr. Bawumia hinted that digital streaming services will be introduced to support the film industry at his speech at the University of Professional Studies on February 7, 2024, outlining his goals for Ghanaians.
In the past, representatives of the creative industry have charged that the government is not keeping its word.
