ICC gets Rs 45 cr tax break on World Cup

The Union Cabinet on Thursday approved a Rs 45 crore tax break for the Cricket World Cup on Thursday, based on a proposal from the Ministry of Finance.

“The Union Cabinet today approved the proposal of Ministry of Finance for exempting ICC Cricket World Cup 2011 from income tax…in respect of income which is arising in the India,” said the government in a news release.

The decision, which comes as a windfall gain for the International Cricket Council (ICC) and its subsidiaries, was taken at a meeting attended by ICC chief and India’s Agriculture Minister Sharad Pawar.

Earlier the ICC was also granted a tax break for the ICC Championship Trophy 2006 as part of an amendment to the Income Tax Act, 1961 which allowed exemptions on incomes arising from an international sporting event conducted in India.