Saturday, December 4, 2021

BCCI to Save Rs 1500 Crore After ICC Agreees to Bear Tax Burden Report

New Delhi. The ICC is going to organize 8 big events between 2024 and 2031. India has been given the responsibility of 3 ICC tournaments. India will have 2026 T20 World Cup, 2029 Champions Trophy and 2031 ODI World Cup. For these three big tournaments, BCCI has got a big relief from the ICC. The ICC agreed to pay 10 percent tax to the Indian government for every tournament. This move of ICC will save BCCI 1500 crores ($ 200 million).

The BCCI is already prepared to bear a loss of Rs 750 crores for hosting the 2016 T20 World Cup and 2023 ODI World Cup. This loss could have been greater had the T20 World Cup 2021 not been shifted out of India to the UAE. According to a report in Times of India, except BCCI, cricket boards of other countries get the benefit of tax exemption from their respective governments. BCCI is incurring huge loss due to non-availability of tax exemption.

A BCCI official said, “Every other cricket board gets tax exemption from their government. But BCCI cannot expect the central government to change its laws for us. Therefore, all the members felt that the ICC should suffer. Anyway, BCCI generates the most revenue by hosting events in India. The Indian board will not face any deduction from the revenue pool of the ICC.

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BCCI will not pay tax on earnings from IPL
BCCI has got a big victory against the tax department. The Income Tax Appellate Tribunal (ITAT) has upheld the BCCI’s contention that even though it is earning money through the IPL, its purpose is to promote cricket. Therefore, the income earned from this tournament comes under the purview of income tax exemption.

The tax department had issued notices to the BCCI in 2016-17. In these notices, the BCCI was asked why the exemption under Section 12A of the Income Tax Act on the earnings from the IPL should not be removed. Against this notice of the tax department, the BCCI had approached the Income Tax Appellate Tribunal (ITAT).

Tags: BCCI, Cricket news, ICC, T20 World Cup, T20 World Cup 2021

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