By Can Tax Rate Of 21 Percent Affect BCCI To Host ODI World Cup 2023? Check The Whole Story Here: India will host the ODI World Cup 2023 in October-November next year, and the new tax rate of 21 percent has become a cause of concern among the stakeholders. Let us tell you, India last hosted an ICC tournament in the year 2016 (T20 World Cup 2016).
The tax rate during the 2016 T20 World Cup was 10 percent, and Star Sports recovered US$22.5 million from tournament fees of US$225 million. As a result, the International Cricket Council (ICC) attempted to recover that amount from the Board of Control for Cricket in India (BCCI).
Meanwhile, it is being said that the broadcast fees for the upcoming World Cup 2023 could reach up to USD 500 million, which means that the tax charges are estimated at an astonishing USD 100 million, which BCCI disturbed.
Can Tax Rate Of 21 Percent Affect BCCI To Host ODI World Cup 2023?
According to a report in Cricbuzz, the Finance Ministry of India has recently sent a letter to the BCCI and all others informing them that the tax rate on hosting the World Cup 2023 will be 21 percent, which is higher than in 2016.
More than double the T20 World Cup held in India. After the letter sent by the Finance Ministry, there was a debate on who would bear the burden of the new withholding tax. Since Jay Shah is currently the Secretary of the BCCI and the son of Home Minister Amit Shah, the issue is expected to be resolved this year. But the Indian government’s decision to impose a 21 percent withholding tax could impact the next cycle of ICC media rights.
As India will host three ICC events in the 2024-2031 cycle, BCCI is concerned about the financial implications of the tax rate. The BCCI is currently in talks with the Indian government to ensure that tournament earnings are not seriously affected by the new tax rate. The BCCI wants upcoming ICC events to be taxed at the current rate.
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