PCB brought under the tax radar
The Federal Budget for 2016-17 was announced by Finance Minister Ishaq Dar on Friday which dealt a severe blow to the Pakistan Cricket Board as a four percent income tax was imposed on PCB and the board was also asked to pay all the taxes due within one months or else they will have to face the repercussions.
The Pakistan Cricket Board would have to pay four percent tax on financial gains made through media rights, sponsorship and income earned through ICC and Asian Cricket Council. PCB would have to pay the same tax on earnings from every bilateral series they play.
The government warned PCB that 4% tax would have to be paid on the condition that they withdraw their pleas and cases against Federal Board of Revenue, or else the PCB would have to pay more tax.
The federal government has given the PCB deadline of June 30 to pay all the due taxes from 2010 to 2015.