In a relief to the International Cricket Council (ICC), the government today approved tax exemption of about Rs 45 crore for incomes from the ongoing World Cup.
The decision was taken at a meeting of the Cabinet, which was also attended by Agriculture Minister Sharad Pawar, who is currently the President of ICC.
"The tax exemption will be on the income arising in India from the ICC World Cup 2011 to the subsidiaries of the ICC, only where the contractual obligation to bear the income tax liabilities is on these entities," Information and Broadcasting Minister Ambika Soni told reporters.
The financial implication will be Rs 45 crore approximately, she added.
According to Finance Ministry officials, the total receipts of the ICC from the ongoing World Cup is Rs 1,476 crore, while the cost for organising the event is Rs 571 crore.