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Goldman Sachs claim on earnings disputed by Zee

05-March-2001
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Goldman Sachs claim on earnings disputed by Zee

Goldman said that as a result of the change, which was widely expected, Zee’s tax as a percentage of pretax profits would climb to around 25 per cent from 18 per cent. Zee is the largest Indian private television network, broadcasts all its channels from overseas. Goldman said it was keeping its market out performer rating, set on February 27, unchanged.

However Goldman said other tax proposals could be favourable for Zee in the long run. These are tax exemption for Internet service providers and broadband networks, reduced customs tax on set-top boxes and reduced corporate tax surcharge and dividend tax rate.

The company had already started working on the objectives to bring broadcasting operations in India and was done keeping in mind the business objectives to bring in all advertisers (currently only exporters can advertise) on Zee channels which will enhance advertisement revenues.

More than a year ago Asia Today Limited (which handles the broadcasting) was made a wholly owned subsidiary ZTL and the channel have already taken steps for obtaining uplinking facility in respect of its channels from the regulatory bodies in India.

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