India Approve Part Tax Exemption of ICC CWC Earnings

India has approved a proposal to exempt from tax part of the International Cricket Council’s (ICC) earnings from this year’s World Cup tournament.

The exemption, estimated to be worth around US$1om, applies only to income raised in India, excluding the lucrative earnings from global television and sponsorship rights.

A similar exemption was introduced by the cricket-mad nation in 2006 for the ICC Trophy cricket competition.

India often grants tax exemptions on ticket sales for popular movies, especially films which have a social or a patriotic message.