Port of Spain, January 14th 2016 ------ As production of the highly anticipated local feature Green Days by the River continues, producers have highlighted a significant tax incentive for businesses which wish to further support the film’s ambition of augmenting Trinidad and Tobago’s film industry. The Art & Culture Allowance gives companies which sponsor media productions for local entertainment and cultural value a 150% allowance on their investment expenditure.

This initiative which was put into effect by the Government of Trinidad and Tobago in 2003 is designed to advance the local Audio Visual and Production industry by encouraging greater corporate investment and support. As its production company is registered with the National Registry of Artists and Cultural Workers and is incorporated in Trinidad and Tobago, Green Days by the River is a prime project eligible for the Allowance.

Green Days by the River Director, Michael Mooleedhar, emphasised the need for private sector entities to take advantage of the tax incentive. “For films such as Green Days by the River, which is being produced primarily with the objective of breaking new ground and furthering expectations for the film industry with enhanced production quality, the Art & Culture Allowance can make a tremendous difference,” he stated. “Many business people strive to make a genuine impact on the development of our country, but may be unaware of this opportunity to make a great contribution in such a way that lessens the tax obligation for their company.”

Development on Green Days by the River began in 2015, with the project’s announcement drawing notable excitement from readers of Michael Anthony’s highly popular novel from which the film is based. Pre-production commenced in the last quarter of 2015 and thorough sessions, castings as well as location scouting have been completed. Principal Photography is scheduled for April/ May 2016 with post-production continuing through the third quarter of the year.



Producer Christian James noted that corporate support for the local film industry was essential to spurring national economic stimulation. “Investors who utilise the Art & Culture Allowance to further support Green Days by the River will be playing a tremendous part in creating a film which we hope will set a lofty new standard for Trinidad and Tobago film,” he remarked. “This is so important now more than ever before, especially in light of the fact that investing in the diversification of our economy and strengthening our burgeoning industries is imperative to the sustainability of our economy.”

James gave an example of how the Allowance works, stating, “A sponsor may have a taxable income of $500,000. The regular 25% tax on that amount will be $125,000. Now if the sponsor supports a local film and benefits from a 150% tax allowance of sponsorship value totalling, for example, $100,000, their new corporate taxable amount will be $350,000. The 25% tax of $350,000 is $87,500. Therefore, you save $37,500 in taxes and your sponsorship of $100,000 actually only costs you $62,500.”

Businesses can claim and apply for the tax allowance when their Corporation Tax Return for their respective Income Year is submitted to the BIR. Companies must file their CTR500 forms with the Ministry of Finance, Inland Revenue Division by the 31st October following the year of income.

James thanked the investors who have already given their support to Green Days by the River, in particular principal sponsor TSTT/ Bmobile, and invited interested sponsors to contact the Green Days by the River team at greendaysfilm@gmail.com.