The International Cricket Council (ICC) World Cup 2023 is round the corner and all the nations have already geared up their preparations to settle the correct combination. The World Cup that is scheduled to be hosted by India may now shift elsewhere as the ICC is reluctant to accept the hefty tax levied by the statutory authorities in the nation.
The Board of Cricket Control of India (BCCI) is the highest wealth generator and contributor of the ICC. However, their relationship might be estranged owing to the ongoing tax conflict between the two apex bodies. ICC has sought various tax solutions by BCCI in view of the upcoming World Cup as a significant tax was reduced from the global body’s profit previously.
In 2016, ICC deducted Rs 190 crore from BCCI’s revenue share
The 2016 T20 World Cup was hosted in India. Notably, the ICC had only agreed to decimate the hosting rights after receiving an interim tax benefit. After the conclusion of the championship, ICC held a 10.3% surcharge from BCCI’s revenue and India initiated a legal battle over the issue.
ICC had also raised a 21.84% tax bill from the broadcasting revenues for the 2016 event that roughly amounted to $116 Million (900 crores approx). Although the BCCI had requested tax exemption from the authorities, the same plea was rejected by the apex ruling body of the country.
According to top sources, the BCCI has already confirmed with the ICC that nothing can be done to evade the tax situation for the upcoming World Cup. As BCCI is the most prominent wealth generator for ICC, ICC will likely have to take a harsh call that might not be feasible for the global body. Deducting a surcharge from India’s revenue will once again head to a legal battle.
The cricketing fraternity is already shocked after gaining insight into the situation. The time will only confirm the fortune of the World Cup 2023 venue.