In the fiscal year 2021–22, the Board of Control for Cricket in India (BCCI) paid Rs 1,159 crore in income tax, a 37% increase over the prior year.
Minister of State for Finance Pankaj Chaudhary provided information about the income tax paid by the BCCI and its earnings and expenses over the previous five years based on the returns submitted in a written response to a question in the Rajya Sabha.
BCCI paid Rs 844.92 crore less in income tax in the fiscal year 2020–21 than it did in the previous year, when it paid Rs 882.29 crore.
The board paid taxes totalling Rs 815.08 crore in FY2019, up from Rs 596.63 crore in FY 2017–18.
The BCCI reported revenue of Rs 7,606 crore and expenditures of over Rs 3,064 crore for the fiscal year 2021–2022.
Its revenue was Rs 4,735 crore and its expenses were Rs 3,080 crore in 2020–21.
Also Read:
BCCI to pay ICC’s tax for World Cup 2023
On behalf of the ICC, BCCI will pay the Indian Government a whopping Rs 963 crores in taxes for the 2023 ODI World Cup.
The BCCI and the ICC signed a host agreement that included the tax exemption when three men’s events—the 2016 T20 World Cup, the 2018 Champions Trophy (later changed to the 2021 T20 World Cup, which was moved to the UAE and Oman due to the COVID pandemic), and the 2023 ODI World Cup — were awarded to India in 2014.
The BCCI was “obligated” to help the ICC (and all of its corporate partners) secure tax concessions, as stated in the contract.
According to ESPNCricinfo, the Indian tax authorities informed the ICC last year that a 20% tax order (excluding of surcharges) will be imposed on the broadcast proceeds from the World Cup 2023.
In a memo to its members and state associations, the BCCI stated that any taxes “incurred” by ICC will be “adjusted” against the Indian board’s income from ICC’s central revenue pool.
The BCCI noted in the document that the ICC anticipated earning USD 533.29 million from World Cup 2023 broadcasts. It asserted that a tax order of 10.92% on that would have a “financial impact” on it of around UDS 58.23 million (the BCCI’s note stated the number as USD 52.23 million, which appears to be an error given the percentages provided).
The tax component would more than treble to more than USD 116.47 million (INR 9,62,67,69,615.00 crores) if it were to be 21.84% as the Indian tax authorities like.
Follow InsideSport on GOOGLE NEWS / Follow ODI World Cup 2023 Live Updates with InsideSport.IN
Editor's Pick
Top Stories
