CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Manuel Announces Tax Relief For 2010 World Cup

Manuel Announces Tax Relief For 2010 World Cup

by Robert Lee, Tax-News.com, London

03 November 2006


South African Finance Minister Trevor Manuel yesterday introduced into the National Assembly a bill that will provide certain entities complete tax relief on imports on the run up to the football World Cup, which is being staged in the country in 2010.

Under the Revenue Laws Amendment Bill, FIFA, soccer's world governing body, and its affiliated organisations, will be able to import inventory for sale at designated sites (e.g. stadiums), capital goods, consumables and promotional materials directly related to the World Cup, free from import taxes.

In addition, FIFA and its subsidiaries, and Participating National Associations (other than the South African Football Association SAFA) will receive exemption from income tax. These entities will also generally be entitled to VAT refund credits.

FIFA sponsors will receive the same tax benefits, but only those sponsors operating in what Manual described as a "tax-free bubble" covering areas such as the Stadiums and other key locations for hosting the World Cup will be so entitled.

FIFA-related foreign individuals will also receive partial exemption. This partial exemption will eliminate South African income tax associated with the event and will cover a number of foreign individuals associated with the event, such as the FIFA delegation as well as commercial and merchandising staff.

However, tickets and hospitality services (including hotel accommodation) will remain subject to VAT at the standard rate of 14%, although some of the VAT revenue collected from the sale of tickets will be made available via the budget of the Department of Sports to subsidise ticket prices for some local supporters, said Manuel.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »