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ENTERTAINMENT TAX COMPENSATION FUND

Government have taken a decision to compensate for the revenue losses incurred by the local bodies due to the entertainment tax exemption granted for the Movies named in Tamil. This scheme was introduced during 2007-08 and funds were allotted in the Government budget. O/o Directorate of Municipal Administration will draw the funds from Government and route the same to TUFIDCO. TUFIDCO will deposit the amount in its Fund account.

As per the directions given by the 0/o Directorate of Municipal Administration, Directorate of Town Panchayats and Chennai Corporation, TUFIDCO will release the fund to the local bodies.

FUND POSITION (Rs. in lakhs)
Year
Funds Received
Funds Released
Balance funds available for release
2007-082700.002620.0080.00
2008-092500.002500.000.00
2009-102700.002700.000.00
Total
7900.00
7820.00
80.00

Apart from the above, TUFIDCO had released an amount of Rs.350.00 lakhs to the local bodies out of the interest earned from Short term investment of the capital amount.