Aug 3, 2011

Parliamentary Panel finds BCCI IPL did not pay taxes and routed money from abroad and evade taxes

Parliamentary Panel finds BCCI IPL did not pay
taxes and routed money from abroad and evade taxes

The panel headed by former Finance Minister Yashwant Sinha in a report said that
four teams of the cash-rich Indian Premier League (IPL) routed investment from abroad.

Four IPL teams:
1. Mumbai Indians,
2. Rajasthan Royals,
3. Kolkata Knight Riders
4. Kings XI Punjab

have been named for getting foreign investments without necessary approvals that is
mandatory approval from either Reserve Bank of India or other agencies.
All the four IPL teams have got investments routed through tax-havens like Mauritius, Bahamas and British Virgin Islands.

The report says that the finances of IPL were seen and controlled by not only Lalit Modi but BCCI top brass President Shashank Manohar, Secretary Naranswamy Srinivasan, Treasurer MP Pandove as well as the entire Governing Council of IPL.

The report says that income tax department is very soft on BCCI, thus BCCI becomes rich at the expense of the exchequer that is to say we Indian citizens become poor, when BCCI do not pay taxes , government of India becomes more poor,
We are the owners of Government of India, thus we lose the money and we become poor.
Every Indian is owner of Government of India.

BCCI paid no income tax in 2008-09.

In 2009-2010 –
BCCI paid Rs 14.86 crore when gross revenue was earned by BCCI was Rs 661 crore only from IPL.

CNN-IBN reported that the Parliamentary Panel committee has found BCCI has regularly refused to pay taxes. Even this year, they paid On Rs 5 crore out of Rs 160 crore of service tax.

Furthermore the report says that the IPL is mired in tax-evasion, several IPL franchises have funded their teams through Hawala transactions and round-tripping of money from foreign countries.

The report says that the tax exemptions given to the ICC run world cup as unjustified. Sharad Pawar as president of ICC reportedly used his clout to get the tax exemption.

The panel has recommended and demanded that all tax exemptions given to the BCCI be withdrawn and those given specifically for the World Cup be reviewed.

Suggested Reading –
Does BCCI is Charitable Organization or Commercial Organization?

Reality views by sm –

Tags- News Sports Cricket Hawala IPL Parliamentary Panel Tax Exemption BCCI IPL Tax Evade

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