Govt yet to give tax relief for World Cup

CA Manish K Dhoot (CA, B. Com, NCFM, CPCM) (5015 Points)

11 January 2011  

Less than 40 days are left for the World Cup to begin in South Asia, but the International Cricket Council (ICC) has not received income tax exemption from the Indian government despite having submitted all the relevant papers. While allotting the tournaments owned by it, the ICC seeks a tax exemption guarantee from host countries so that it could manage its profits/foreign exchange generated at the events in the way it deems fit. In 2006, while hosting the Champions Trophy, the Board of Control for Cricket in India (BCCI) had struggled to get tax exemption. It took a senior Congress party leader and his son from Andhra Pradesh to get the required permission from the highest offices of the government. So far, the BCCI has not approached the duo. BCCI officials are, however, hopeful that permission would come soon to enable the 14- nation tournament to take off as planned on February 17. "There is a government policy that supports tax exemption.