Cricket World Cup trophy. (Picture Supply: Twitter)
Whereas India’s participation in subsequent yr’s Asia Cup hosted by Pakistan grew to become a sizzling matter within the media, BCCI additionally voiced towards the 20% tax outlay on ICC for its broadcast income for subsequent yr’s World Cup within the nation. The apex cricket physique hopes for a a lot decrease revised taxation worth ( round 10%) from the Indian authorities.
BCCI has been working in tandem with the Ministry of Finance, Authorities of India, with hopes of decreasing the tax order. It’s value noting that the tax overlay levied on the ICC will likely be forwarded to the BCCI, with the latter adjusting the sum from their share of the income from the ICC.
“The BCCI is presently working with the Ministry of Finance, Authorities of India and have represented towards this 20% (excluding surcharges) tax order on the very highest stage and are hopeful {that a} 10% (excluding surcharges) tax order could be forthcoming shortly. It’s to be famous that any tax price incurred by the ICC for the 2023 occasion in India will likely be adjusted with the BCCI’s share of the income from the ICC. The Influence on BCCI’s income from the ICC, if a 21.84 % withholding tax order is acquired by ICC is USD 116.47 million (960 crore),” an AGM word has confirmed to Cricbuzz.
The board is presently difficult the choice of the Indian authorities sighting the instance of the 2016 T20 World Cup, which was held in India. ICC was charged a a lot decrease witholding taxation worth of 10.92%, amounting to USD 23.5 million. The quantity was adjusted from BCCI’s share of the income from the ICC. The AGM word indicated that the board are hopeful of a revised tax outlay, just like the traces from the 2016 WC.
“The ICC’s broadcast accomplice was allowed a decrease withholding tax of 10.92% for the 2016 occasion by the related division within the Authorities of India. This 10.92% amounted to almost USD 23.5 million. This quantity of USD 23.5 million was subsequently deducted from BCCI’s share of ICC revenues. This deduction is being legally contested by the BCCI since then,” the word added.
