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Govt to exempt movie production from VAT

Govt to exempt movie production from VAT

Economic affairs director engages stakeholders to enhance competitiveness

As Uganda moves to bolster the creative industry in Uganda, the Director of Economic Affairs at the The Ministry of Finance, Planning and Economic Development, Mr. Moses Kaggwa, convened a crucial meeting with various stakeholders from the sector.

The gathering, which took place yesterday, brought together luminaries from diverse fields including musicians, filmmakers, visual artists, fashion designers, and more.

This commitment towards nurturing this vital sector, which serves as a significant employer of the nation’s youth, was underscored throughout the deliberations. Discussions primarily revolved around pertinent issues impeding the competitiveness of the creative industry, with particular emphasis placed on the prevailing tax regime.

Mr. Kaggwa reiterated the government’s recognition of the pivotal role played by the creative industry in propelling economic development through talent promotion and revenue generation.

He highlighted efforts undertaken by The Ministry of Finance, Planning and Economic Development to introduce an incentive framework aimed at exempting the supply of movie production from VAT, thus easing financial burdens on industry players.

Furthermore, Mr. Kaggwa encouraged stakeholders within the creative sector to capitalize on government developmental programs such as Emyooga, stressing the potential benefits these initiatives could offer.

Several critical issues were identified during the meeting, with consensus reached on the necessity to address them comprehensively. These include:

  1. Financing: The need for enhanced financial support mechanisms tailored to the unique requirements of the creative industry.
  2. Market opportunities: Exploring avenues to expand market access for creative products both domestically and internationally.
  3. Infrastructure development: Investing in the establishment of robust infrastructure dedicated to arts and culture.
  4. Sector governance and regulation: Streamlining governance frameworks and regulatory mechanisms to ensure transparency and accountability within the sector.
  5. Formalizing sector schools: Enhancing educational institutions specializing in creative disciplines to provide formalized training and education.
  6. Promotion of local content: Fostering the creation and dissemination of locally produced content across various mediums.
  7. Enforcement of copyright law: Strengthening measures to safeguard intellectual property rights and enforce copyright laws effectively.

Stakeholders expressed optimism regarding the outcomes of the meeting and pledged continued collaboration to propel the sector forward.

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