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India Grants Tax Exemption To ICC

by Mary Swire, Tax-News.com, Hong Kong

01 April 2011


The Indian government has agreed to give a tax exemption to a proportion of the International Cricket Council’s (ICCs) revenue from this year’s cricket World Cup. This must indeed be welcome news for the Council following India’s win over Pakistan in the semi finals, with the host nation's progression to the final having generated huge interest in the competition.

A similar exemption was given in 2006 for the ICC Trophy cricket competition. However, the government’s decision was not popular with all Ministers, with the Sports Minister Ajay Maken and others asking why tax benefits were being given to an event that already makes a huge amount of money and never lacks sponsorship. Maken made the point that other less popular sporting events could have been subsidized with this revenue.

The exemption applies only to income raised in India, and does not include earnings from global television and sponsorship rights, however the sum involved is estimated to be worth about USD10m, which is not to be sniffed at.

TAGS: tax | business | India | tax breaks

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