INDIA: India has at last decided to grant tax exemption for 2006 Champions Trophy
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It has been reported that the Government of India has decided to amend the Income Tax Act in order to exempt from tax both residents and non-residents regarding receipts from international sporting events held in India. The International Cricket Council had for a longer period been threatening to move the 2006 Champions Trophy from India to another country (possibly Pakistan).
The Income Tax Act is now scheduled to include a possibility for the government to grant a tax exemption to multinational sporting events that are approved by an international sporting body. Quite remarkably the exemption will apparently apply not only to non-resident participants but also to resident taxpayers.