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Bollywood Bemoans Indian Taxes

Mary Swire, Tax-News.com, Hong Kong

26 November 2010


Following on from the lambasting that veteran Bollywood filmmaker Yash Chopra gave the Goan and Indian central governments for imposing new taxes on the film industry, Ministers and industry officials have suggested that the matter would be examined in the near future.

Chopra had voiced his concern on the huge tax burden the Indian film industry has been facing, at the 41st International Film Festival of India being held in Goa.

“Indian cinema is going places. Our young filmmakers are doing some great work and are winning global accolades. It is bringing so much recognition to our country. But what is the government doing for us? The film and entertainment industry is still being given the step motherly treatment. We are burdened with multiplex taxes – entertainment taxes, GST, copyright, VAT, stamp duty and many more to come," Chopra said.

“If some of these taxes get implemented, it will be very difficult to make films. Some very serious taxes are going to be executed by the government and if they are going to be implemented, which they will be… we may not be able to make films at all. The government must wake up before it becomes too late. We will be celebrating 100 years of Indian cinema in 2013, but it may be too late then,” he added.

Guest of honour, the Railway Minister Mamata Banerjee responded to Chopra’s comments by saying: “I love the Indian film industry and it has so much talent that it can compete with the world film industry. I will pursue the tax issue that Yash Chopra spoke about as I have the ability to do so. This matter is related to the finance ministry and I will talk to Pranab-da (Pranab Mukherjee) as soon as I reach Delhi. Let us work together from grass-root to glamour world. We can fight for you and let us work together.”

A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Venture Capital, Forest Finance and Film Finance in a number of key jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp
TAGS: capital gains tax (CGT) | tax | film finance | value added tax (VAT) | India | copyright | stamp duty

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