The Creative Economy Support Bill, 2024

17 May 2024 domainSenate Bill No. 30 of 2024 Gazette: Supplement No. 107 of 2024
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Executive

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Final

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1

Mandatory Registry for Accessing Government Incentives

Under Section 19, the Bill establishes an official registry called the 'roll of creatives' to record registered individuals and organizations in the creative industry. Crucially, Section 19(2) restricts any financial benefits, subsidies, or fiscal incentives provided under the Act exclusively to individuals and entities whose names appear on this roll.

2

Establishment of the Creative Industry Council

Sections 8 and 9 establish the Creative Industry Council to advise the Cabinet Secretary, set industry standards for royalty computation, collection, and distribution, and protect intellectual property rights. The Council will be governed by an Advisory Board representing key creative sectors including film, music, fashion, and literary arts.

3

A New Creatives Fund for Direct Grants

Section 23 establishes the Creatives Fund, which will be funded through parliamentary allocations, grants, and donations. Under Section 24, the Advisory Board is empowered to issue direct financial grants from this fund to registered creatives based on eligibility criteria set by the Cabinet Secretary.

4

State-Backed Credit Guarantee Scheme

Section 25 authorizes the Cabinet Secretary responsible for trade, in consultation with the Board, to establish a Credit Guarantee Scheme. This scheme aims to facilitate accessible financial support, provide investment guarantees, and share credit information to encourage lending to the creative sector.

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