ISLAMABAD: The Economic Coordination Committee (ECC) approved income tax exemptions for the International Cricket Council (ICC) related to the upcoming ICC Champions Trophy 2025 on Thursday.
A press release stated that the exemptions were aligned with global best practices for hosting international sports events, following a summary from the Revenue Division.
The meeting, chaired by Federal Minister for Finance and Revenue Muhammad Aurangzeb, confirmed that under the standard hosting rights agreement between Pakistan and the ICC, no taxes or deductions would be imposed on the ICC, its subsidiaries, associates, officials, and non-resident delegates. However, Pakistani residents, including the Pakistan Cricket Board, would still be liable for income tax on earnings from the tournament. No exemptions would apply for Sales Tax or Federal Excise Duty.
The statement emphasized that these exemptions would not result in a revenue loss, as they were a condition for securing the hosting rights for the tournament.
In addition to the ICC decision, the ECC discussed several other economic matters, including a summary from the Ministry of National Food Security and Research about lifting the ban on commercial export of sheep and goats to Kuwait. However, the agenda was deferred for further clarification and due diligence.
The ECC also approved a Technical Supplementary Grant of Rs6.859 billion for the Ministry of Energy for development expenditures in the current financial year (2024-25).
Furthermore, based on a summary from the Petroleum Division, the ECC approved a three-year extension of the LNG Framework Agreement between Pakistan LNG Limited and SOCAR Trading. Initially signed in 2023, the agreement enables Pakistan LNG Limited to procure one LNG cargo per month as needed, without any financial obligations or take-or-pay commitments.
