PhotoNews
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    PTI Jalsa from the Minar-e-Pakistan Lahore
    Videos

    Watch Live | PTI Imran Khan’s speech at Minar-e-Pakistan Lahore

    March 26, 2023 1 Min Read
    Shark Attack Video
    Videos

    Viral Video: A female diver survives shark attack

    March 20, 2023 2 Min Read
    The Daily Show, Bilawal Bhutto Zardari's full interview
    Videos

    Bilawal Bhutto Zardari full Interview on ‘The Daily Show”

    March 15, 2023 1 Min Read
  • Sports
  • Offbeat
  • Blog
  • Contact
Reading: No special treatment: PSL franchises unhappy with govt’s tax-tics
PhotoNewsPhotoNews
Aa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
PhotoNews > Sports > No special treatment: PSL franchises unhappy with govt’s tax-tics
Sports

No special treatment: PSL franchises unhappy with govt’s tax-tics

Last updated: 2015/12/15 at 2:25 PM
4 Min Read
Share
SHARE
Lahore: Pakistan Super League (PSL) franchise owners are not happy at the 26% tax levied on their final bids, conveying their reservations to the PSL governing council.

All franchises who have accounts in Pakistan will have to pay 10% income tax along with a 16% goods and services tax to the Punjab government due to the Pakistan Cricket Board (PCB) headquarters being in Lahore; inflating expenses further for these new clubs.

The five teams have not gone on the cheap, with Karachi being sold for $2.6 million per year on a 10-year contract, with Lahore Qalandar being second on the list at $2.1 million per annum.

With around $9 million being invested in the five teams combined, the franchises have decided to approach the PSL officials collectively; with a whopping $2.34 million set to be collected as tax from their bids alone.

While a loophole allows the franchise owners to receive exemption from these taxes if they register a company in the UAE, the respective companies have asked the PSL governing council and the PCB to take up the issue on their behalf and see if any exemption can be received.

The PCB approached the government to plead for a five-year tax exemption, arguing that the PSL should be allowed to get established first. However, the proposal was rejected.

“PSL officials contacted Finance Minister Ishaq Dar regarding an exemption for the first five years due to the project being in its infancy but the proposal was turned down,” a PSL official said. “We hope they revisit the decision because it could have serious consequences on the PSL.”

Icon players revealed

Pakistan all-rounders Shahid Afridi and Shoaib Malik, along with West Indies opener Chris Gayle, England middle-order batsman Kevin Pietersen and Australian all-rounder Shane Watson have been selected as the five icon players.

The teams will buy one icon player each, who will be fetching $200,000.

The five icons will be followed by 25 players in the Platinum category, who will be receiving $140,000.

The other categories are Diamond ($70,000), Gold ($50,000), Silver ($25,000) and Emerging ($10,000).

The players who are not selected in their current categories will be demoted a step down, so any Platinum player left will automatically become a Diamond player and will then cost $70,000.

Teams to incur at least $2m each in expenses

Apart from paying for the franchise rights per year, each franchise would have to spend an estimated sum between $2 million and $2.5 million on expenses such as salaries, travel and accommodation.

According to the details given out by PSL officials to the franchises in a workshop on Monday, a team cannot spend less than $985,000 on the players, while the maximum they can go is $1.1 million.

Total staff salary cap had already been announced as $1.75 million.

Accommodation and travel expenses will amount to around an estimated $100,000 and $50,000 respectively.

Read : PSL franchises sold at $93 million for a period of 1 decade

admin December 15, 2015
Share this Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

United States Pakistan Relationship, Pakistan's General Elections

US-Pakistan engagement increase ahead of General Elections

Political Turmoil and Economic Crisis,

Political Turmoil and Economic Crisis: Can Pakistan’s Leaders Save the Nation?

Pakistani Elon Khan

Pakistani ‘Elon Musk’ trends on social media

Saudi Arabia and Yemen war, Yemen war News

‘Stuck in a swamp’: Saudi Arabia seeks exit from Yemen war

President Dr. Arif Alvi's Letter to Shehbaz Sharif

PM Shehbaz calls President Alvi’s letter for polls “PTI’s press release”

WWE Sara Lee's Death, WWE Sara Lee Pictures

WWE Sara Lee’s cause of death revealed

Post Archives

More Popular from Photonews

Pepper Sprays Review
Blog

Pepper Sprays: A Review

13 Min Read
Karachi's Crime Rate
Blog

Guns: Why we need them more then ever before

5 Min Read
Pakistan's Nuclear Weapons, Pakistan's Nuclear, IMF Conditions
BusinessPakistan

IMF rejects Ishaq Dar’s claims link loan program with Pakistan’s nuclear weapons

2 Min Read
Videos

Watch KAROL G, Shakira’s new song TQG’s official video

After a month of BZRP Music Sessions #53 on YouTube, Shakira returns with another post-breakup banger,…

March 1, 2023
Entertainment

Victoria’s Secret announces iconic fashion show after 4 years, but with a new version

The Victoria's Secret Fashion Show will return after a four-year absence, and the 2023 Victoria's Secret…

March 7, 2023
Videos

Bilawal Bhutto Zardari full Interview on ‘The Daily Show”

Foreign Minister Bilawal Bhutto-Zardari stated that Pakistan is facing a “perfect storm” due to the country’s…

March 15, 2023
Sports

Pic of Ja Morant spending $50K at a strip club and flashing gun

Ja Morant lands in trouble following broadcasts of his infamous gun-flashing Livestream, which landed him in…

March 12, 2023
PhotoNews

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2023 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?