BCCI discuss tax exemption for T20 World Cup in its Annual meeting
BCCI discuss tax exemption: This year for its 89th Annual General Body Meeting, tax exemption for the T20 World Cup is on top of its priority. Another major point of discussion during the meeting will likely be the talks of inclusion of Cricket in 2028 Los Angeles Olympics.
The Indian Cricket Council is reportedly asking for tax exemptions for the 2021 T20 World Cup, which will be hosted by India. Another option given by the world cricket body is that the money that it pays in the name of tax will be deducted by the Indian Cricket board’s share of revenue.
Another option presented by the ICC is to relocate the tournament to the United Arab Emirates which has recently successfully hosted the Indian Premier League in order to save itself from paying heavy taxes.
The tax issue is high on the agenda for the Board of Control for Cricket in India’s (BCCI) 89th Annual General Body Meeting as it will determine the conduct of the tournament. Given the duration of the tournament, the ICC has announced December 31, 2020 as the deadline to confirm full tax exemption or else they will resort to other measures.
BCCI mentioned in agenda papers that, “As per Clause 10.20 of host agreement for this event, the BCCI is obligated to deliver to ICC a full tax exemption for all income arising out of this event in favour of ICC, its subsidiaries and associates and its Members at least 18 month prior to the start of the event.”
Earlier the cricket boday said that if tax exemption does not happen then the surplus payout to ICC members will be reduced. ICC had kept May as the deadline which later on got extended to December end.
ICC in a statement said, “a. ICC moves the 2021 event from India to UAE or “b. BCCI provides an undertaking that if the BCCI is unable to achieve the requisite tax solution then any resulting tax liabilities by ICC/IBC/its Members will be set off against monies owed to the BCCI from ICC (including ICC distributions) and that the BCCI will be liable for any shortfall after set off.”
Another talking point was about the inclusion of cricket in the Olympics. One of the documents, which is currently with the Indian Express, revealed Olympics and Cricket as having the ‘best partnership’.
They believe that the sport can provide Olympics a lot of fan engagement from across the Asian Sub-Continent, which is comparatively lesser in number from the rest of the world and Olympics on the other hand can expand Cricket’s popularity from its traditional heartlands to rest of the world especially the United States and China.
