Industry & Economy
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Budget
Music industry seeks zero import duty on CDs, VCDs, DVDs
Our Bureau
New Delhi
,
Feb. 9
IN order to give a fillip to the music industry that has been reeling in losses due to rampant piracy, the Indian Music Industry (IMI) has asked the Government to make imports of pre-recorded audio compact disc (CDs) or video compact discs or digital versatile disc duty-free similar to the IT sector.
In its pre-Budget memorandum, the IMI has suggested that the cost of production of a music album should be treated akin to the cost of production of feature film. Accordingly, the provisions of the income-tax rules should be made applicable for cost of production of a music album. In order to deter piracy, the IMI has urged the Government to charge a counterfeit levy on every unit of pirated products seized. "Persons caught with pirated products should be charged a standardised levy on every unit of pirated product. This levy would compensate for the absence of daunting deterrents and weak laws pertaining to the protection of intellectual property," it said. It has further asked the Finance Ministry to continue with the exemption of excise duty on pre-recorded audio CDs.
To encourage companies to invest in protection of intellectual property rights, the IMI has recommended a weighted deduction of 150 per cent to such companies. Currently, companies in biotechnology or in the business of manufacture of any drugs, pharmaceuticals, electronic equipment, computers, telecommunication equipment and chemicals are entitled to a weighted deduction of 150 per cent of the expenditure incurred on scientific research or on in-house research and development facility.
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