Top Story

e4m_logo.png

Home >> Media - TV >> Article

Union Budget 2016: IBF raises concerns over M&E issues, to take it up with FM in post budget consultations

01-March-2016
Font Size   16
Share
Union Budget 2016: IBF raises concerns over M&E issues, to take it up with FM in post budget consultations

With the recently announced Union Budget 2016 having little in store for the Media and Entertainment Industry, the Indian Broadcasting Foundation has raised concerns about the neglect of the M&E reforms.

Commenting on the Union Budget 2016, Girish Srivastava, the Secretary-General of the Foundation, said, “On behalf of the Indian Broadcasting Foundation, we thank the Hon'ble Finance Minister for presenting an inclusive and  well-rounded budget, which will not only help the Indian economy at large but also provide an opportunity to all in becoming part of the overall growth process.”

 On the specific issues of the broadcasting sector, he added, “We are happy to note that FM has addressed some of the concerns on the tax and policy matters, however the industry at large, remains disappointed on not getting the attention on some key issues such as carry forward of losses, in case of amalgamation or merger for service industry under the industrial undertaking under Section 72 A of the Income Tax Act, 1961. It is also unfortunate that Media and Entertainment industry, which has been playing a critical role in the digital initiative of the government, is being denied this benefit whereas other service sectors like Software, Telecom etc are availing these benefits”.

 Another point that broadcasters had raised in their pre-Budget memorandum was on the tax withholding of transponder hire charges in which the sector had appealed for the alignment of the definition of royalty in DTAAs in line with the amended Finance Act 2012.

In the current Economic Survey, having acknowledged the significance of the ongoing digitization efforts and in turn Media and Entertainment Industry generating large scale revenue and employment, it seems that the budget inadvertently omits the long- term pending demand of grant of infrastructure status to the sector.

 During the budget speech, FM has stated that most of the recommendations made by Justice Easwar Committee on simplification of procedures and related issues shall be accepted in due course. “IBF will take up the issues as above with the Finance Ministry in its post budget consultations” added Srivastava.

Abhishek Punia, Co-founder and COO of ARM Worldwide, tells about how they re-branded themselves from ARM Digital to ARM Worldwide and in the process marked their presence globally

Srinivasan opens up on what prompted their recent rebrand, their foray into bus depots and developing the software that displays Bengaluru Metropolitan Transport Corporation's (BMTC) Passenger Information System for all the major bus depots in Bangalore.

Software and Technology, Consulting, Healthcare seem to be increasingly using Webinars to engage with their clients and employees

Chandy indulges in his love for reading and learning something new over the weekends

Abhishek Punia, Co-founder and COO of ARM Worldwide, tells about how they re-branded themselves from ARM Digital to ARM Worldwide and in the process marked their presence globally

Industry analysts expect the infusion of foreign capital to drive not only the retail market but also the advertising industry as a result.

Srinivasan opens up on what prompted their recent rebrand, their foray into bus depots and developing the software that displays Bengaluru Metropolitan Transport Corporation's (BMTC) Passenger Inform...