Govt imposes 4% income tax on PCB
The order came out as a bolt from the blue for PCB after Federal Budget 2016-17 was announced.
PCB would have to pay 4% tax on financial gains on media rights, sponsorship and income earned through ICC and Asian Cricket Council. PCB would have to pay the same tax on earnings from bilateral series as well.
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 PCB would have to pay more tax.
The government has given PCB deadline of June 30 to pay all the due taxes from 2010 to 2015.