The government has declared its intention to implement a substantial tax exemption with the aim of supporting the nation’s movie theater industry and making it a desirable location for film production.
The 20% tax refund that has been proposed is meant to encourage strategic film productions and promote 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 State of the Nation Address today, President Akufo-Addo announced the initiative and said that Cabinet is now debating the measures and they would shortly be formally unveiled.
“Government, through the National Film Authority, is committed to supporting the production of world-class content and films, as well as increasing cinema infrastructure in Ghana and, by extension, on the continent,” stated President Akufo-Addo.
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The President went on to provide more details about the extensive fiscal incentives being designed to support the film industry, which include reliefs from film finance, import duty exemptions on equipment used in film production, and income tax and VAT benefits.
“This favourable fiscal regime for cinema projects should provide another tangible reason for the choice of Ghana as a film production country,” the President remarked.
