Entertainment taxation overhaul in 08-09 budget: I&B Minister

Entertainment taxation overhaul in 08-09 budget: I&B Minister

New Delhi: Priya Ranjan Dasmunsi, Information & Broadcasting Minister, disclosed that a complete overhauling would be brought about in the tax structure for entertainment industry in budget 2008-09 so that it turns into a global industry.

Delivering his keynote address at Assocham’s Focus 2007, he was negotiating very high with the Finance Minister for bringing about huge tax rebates for film and entertainment industry based on the recommendations of various groups set up to suggest changes in taxation.

He said that strict measures would be brought forth to curb piracy in the entertainment sector so that the film and entertainment industry does not suffer revenues losses which currently are estimated between 25-30%.

He announced the setting up of a group by the I&B Ministry on piracy prevention that has already given its recommendations, based on which measures would be brought about in consultation with other government departments which would be announced by early 2008.

A group set up for revenue generation as also on digitalization and overall exchange programmes have also submitted their recommendations which would be discussed in great details with all stakeholders in the southern part of the country.

The Ministry would convene a meeting of all relevant stakeholders in Mumbai within the next few weeks and finalize the agenda for bringing about structural changes in the entertainment sector so that in the next few years, the industry grows to a size o over Rs75,000 crore.

An MoU would be signed with UK so that the domestic entertainment and film industry and its counterparts in UK can source material and other relevant content for film making that is of a global standard. The government had already signed such and MoU at bilateral levels with Govt. of Germany and Italy.