President Nana Akuffo Addo has declared his intention to implement a substantial tax exemption to support the nation’s movie theater industry and make it a desirable location for film production.
The 20% tax rebate that has been proposed is meant to encourage strategic film production and promote the expansion of the regional film industry.
It is also anticipated that the shift will result in significant advantages for all parties involved in the business.
In his address in parliament on Tuesday, February 27, 2024, he said the government, through the National Film Authority, is committed to supporting the production of world-class content and films, as well as increasing the cinema infrastructure in Ghana and, by extension, on the continent.
“To this end, a favorable fiscal (tax) regime for cinema projects, including income tax and VAT incentives, import duty exemptions on film production equipment, a twenty percent (20%) tax rebate for strategic film productions, and film financing reliefs, is being elaborated by the Cabinet, which should be implemented very soon and should provide another tangible reason for the choice of Ghana as a film production country,” he noted.
Source: Ghana/MaxTV/MaxFM/max.com.gh/Belinda Quansah
