No tax deductions on prize money for Champions Trophy winners

Players to receive entire tournament-winning bonuses and prizes announced by PM, PCB

Saleem Khaliq June 25, 2017

KARACHI: Things keep getting better and better for members of the Pakistan team who created history by winning the country’s first-ever ICC Champions Trophy title last Sunday by beating arch-rivals India as they will not have to pay taxes on their prize money.

A source confirmed to the Express News that the government have decided not to subtract any tax from the $2.2 million tournament winning bonus, along with the prize money received for various man-of-the-match awards, as well as for Hasan Ali’s man-of-the-tournament and best bowler awards.

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According to the rules and regulations, the prize money of all these awards will be divided equally among all team members rather than just going to the individual that won the award. All players are therefore expected to earn Rs15 million each in prize money, while the management gets Rs1.2 million apiece.

Even pacer Wahab Riaz, who was ruled out of the tournament after sustaining an ankle injury in the first game and was replaced by fellow left-armer Rumman Raees, will be eligible for the amount.

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Meanwhile, Prime Minister Nawaz Sharif — the PCB’s patron — announced Rs10 million apiece for the players, with board also announced Rs1 million apiece. This amount, however, will have tax deducted from it.

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Fowzul Aleem Farook | 3 years ago | Reply | Recommend Not deducting tax on prize money is very good decision by the PCB.This will encourage the players to give their best to the Country.This is a very good move and Prime Minister's contribution is also most welcome.
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