Data needed on input of creative industries

THE EDITOR: During a conversation, a question arose as to how do creative people expect to be part of the Government’s stimulus package when they do not pay taxes. I was unable to respond because there exists little or no data to have verified that statement with any certainty.

To my understanding, individuals and businesses that operate within the creative sector are required to pay taxes on monies earned. However, information on the Ministry of Finance website states, “all taxpayers are entitled to a personal allowance of $72,000 per year,” which means you do not pay taxes on your first $72,000 of income.

Questions arising are:

* What percentage of creative individuals/entities in TT earns less than $72,000 per annum?

* Is this category in the minority or majority?

One of my greatest concerns has always been the inability of the creative sector to provide consistent data that demonstrates the industry’s performance and growth. At present there is a lack of information regarding the number of individuals and registered businesses in the creative sector, which collectively contributes to the country’s tax regime.

The creative industries encompass music, film, fashion, Carnival industries, dance, theatre, visual arts, all of which can significantly contribute to TT’s revenue earnings.

In the wake of a significant drop in oil prices, we must see the creative sector as an alternative to the country’s dependency on the energy sector and included as part of Government’s diversification thrust.

After the covid19 pandemic, we need to prepare and provide annual reports showing the creative industry’s contribution to GDP. Questions regarding earnings, job creation and other socio-economic indicators for sustainable development should be considered.

It’s our responsibility to collaborate with the Government to create the enabling environment needed for a lucrative and rewarding creative industry.

FABIEN ALFONSO

via e-mail