Next year’s Cricket World Cup is facing some financial issues recently as BCCI is working to get a solution.
The Indian government has decided to get a 21.84 per cent tax surcharge from the ICC.
ICC will be paying this surcharge from its broadcast revenue for the 2023 event.
According to the rules of the ICC, the host nation has to get a tax exemption from the government.
But, the Indian government doesn’t entertain such exemptions.
As of now, the BCCI has lost close to Rs 193 crores.
This happened in the 2016 ICC T20 World Cup where the government refused to give tax exemption for the event.
The BCCI is fighting the case in the ICC Tribunal currently.
Continuing further, the report states,
This timeline was further extended by the ICC Board till 31st May 2022. At the start of this financial year, the BCCI had advised the ICC that in line with the tax order for the 2016 event, it was expected that a 10% tax order could be obtained as an interim measure for the 2023 event within the required time frame. The ICC has now received a 20% tax order for its broadcast revenue for the 2023 event.
So, now this brews even more trouble for the BCCI as they could be losing a huge sum of money.
On the other hand, if the BCCI manages to bring down this percentage, it will be a win-win for all parties.
The BCCI is working together with the Finance Department of India to get a solution to this problem.
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