Alert
coa
igovtt
Announcement
Introducing the Upgraded Artist Registry of Trinidad and Tobago

Benefits

WHY REGISTER?

To receive State recognition as an artist or cultural worker
To become more attractive to sponsors and promoters
To gain increased access to funding
To receive internationally recognised certificates granted to registered artists and cultural workers

THE ART AND CULTURE ALLOWANCE

One of the primary goals of the Artist Registry is to facilitate access of intended beneficiaries to the gains provided by the Art and Culture Allowance.

This allowance has been instituted via seven (7) distinct amendments to the Corporation Tax Act:

  • Act No. 91 of 2000 
  • Act No. 2 of 2002 
  • Act No. 4 of 2004 
  • Act No. 2 of 2006 
  • Act No. 17 of 2007 
  • Act No. 13 of 2010 
  • Act No. 2 of 2013

 

The Art and Culture Allowance is designed to make sponsorship of artists and their artwork more attractive to the Corporate Sponsor. These benefits accrue to companies when they:

  • Purchase a work of visual art directly from a visual artist that is the first acquisition of that particular piece.
  • Provide funding to performing artists registered with the Artist Registry or the Tobago House of Assembly.
  • Provide funding to producers of audio, visual and video productions whose work has been certified by the Minister with responsibility for Culture as representing local culture or entertainment.

THE BENEFITS FOR CORPORATE SPONSORS

  1. A Corporate Sponsor can claim as an allowance for that year of income, 100% of the actual expenditure incurred up to a maximum of twelve million dollars ($12,000,000 TTD) based on:
    1. The funding they provide to a performing artist registered with the Ministry with responsibility for Culture or the Tobago House of Assembly and
    2. The first acquisition of a work of visual art that has been certified by an art gallery (valuation document must be submitted for the claim).
  2. A Corporate Sponsor can claim as an allowance for that year of income 150% of the actual expenditure incurred in promotion of the fashion industry, up to a maximum of twelve million dollars ($12,000,000 TTD).
  3. A Corporate Sponsor can claim as an allowance for that year of income, 150% of the actual expenditure incurred up to a maximum of twelve million dollars ($12,000,000 TTD) based on the funding they provide to a producer who has developed an audio, visual, or video production promoting or reflecting local entertainment or local culture.
  4. Corporate Citizens should note that if a Production Company incurred expenditure for its own audio, visual or video production reflecting local entertainment or local culture, it can claim as an allowance for that year of income, 150% of the actual expenditure incurred up to a maximum of twelve million dollars ($12,000,000 TTD).

NOTES:

  1. The aggregate claim of a Company for (1), (2) and (3) above together with the promotion/sponsorship of sporting activities/events/sportsmen is limited to twelve million dollars ($12,000,000 TTD).
  2. A Production Company, in addition to its claim at (3) above, is also entitled to claim an aggregate of up to twelve million dollars ($12,000,000 TTD) for expenses incurred at (1) above together with sponsorship of sporting activities not related to its own business.
  3. Amendments to the Art and Culture Allowance may periodically occur, which can affect the sum you are entitled to claim in any year. Amendments to the legislation can also be made to include new areas under which a claim can be made.

ACCESSING THE ART & CULTURAL ALLOWANCE

When a company submits its Corporation Tax Return, it must fill out the Schedule re: the ‘Art and Culture, Sportsman, Sporting Activities/Audio, Visual or Video Production and Fashion Promotion’. The following documents must be included to support their claim:

FOR CLAIMS IN ART AND CULTURE:
  • In the case of the acquisition of a work of visual art, a valuation of artwork(s) performed by an art gallery must be submitted.
  • In the case of support for a performing artist, a copy of their certificate of registration with the Artist Registry must be submitted.
FOR CLAIMS IN AUDIO VISUAL/VIDEO PRODUCTION:
  • A copy of the certificate from the Minister with responsibility for Culture certifying that the production promotes or reflects local entertainment or culture must be submitted.
  • Production Companies submitting claims in respect of expenditure related to their own productions must fill out the ‘Production Company Allowance’ and attach a copy of the certificate from the Minister with responsibility for Culture certifying that the production promotes or reflects local entertainment or culture.