PSL Franchises Asking For TAX Exemption

psl franchises

Pakistan Super League (PSL) franchises want the exemption of taxes from the fees before clearing their annual dues. Franchises have not cleared their dues so far despite the fact that Pakistan Cricket Board (PCB) has issued the invoice and the payments were due to be cleared by November 14th, 2018.
Out of five, four franchises have deposited their bank guarantee while the fifth one deposited half amount and will pay the players and coaches on their own but the Board refused and asked the franchise to follow the procedure. PCB has the right to cash the bank guarantee if a franchise fails to clear their dues within the given time, which they have also done before.
PCB chairman Ehsan Mani along with Peshawar Zalmi owner Javed Afridi met Chief Minister of Punjab Usman Buzdar. In the meeting, four PSL matches to be played in Lahore were also discussed. For further discussions with the government officials, a two-member committee has been formed consisting of Peshawar Zalmi owner Javed Afridi and Karachi Kings owner Salman Iqbal. The meeting is expected in the coming days.
Franchises have to pay 26% of the amount in taxes, where 16% will go to Punjab Government in the form of sales tax while the remaining 10% is the withholding tax to be given to the federal government.
Franchises are reluctant to pay the taxes for now till they overcome their financial loses. PSL 2019 is set to begin from February 14th, 2019 in Dubai.

Updated: November 27, 2018 — 7:06 am

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