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French Minister announces music tax credit
Minister Renaud Donnedieu de Vabres announced that the competition authorities in Brussels have agreed to assist with the tax credit which will favour musicians. The tax credit in favour of the phonographic production is an innovation to guarantee the future of musical diversity and employment in the musical industry. This tax measure will apply to all artistic expenditure, including the development and digitalisation of new talents within the limit of 500,000 euros per company. It will benefit hundreds of companies. This measure, which was registered within the framework of the law on Royalties and Neighbouring rights in the Information Society, will have a retroactive effect on January 1, 2006 and will be re-evaluated in 4 years, on December 31, 2009. Musical diversity is a product of the diversity of masterpieces and repertories and the diversity of actors present on the market. Whereas the French music industry experienced a new fall of its sales turnover of –14.2% in value in the first quarter 2006, the tax credit will allow companies within the phonographic sector and in particular independent entrepreneurs to continue to develop and contribute in a fundamental way to cultural diversity. For more information in French, CLICK HERE. France
Show latest news, more from May 2006.
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