ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved income tax exemption for the International Cricket Council (ICC) in connection with the ICC Champions Trophy 2025.
The Economic Coordination Committee (ECC) of the Cabinet met Thursday under the chairmanship of Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division, Islamabad. The committee deliberated on important economic matters and approved key decisions.
The meeting was attended by Minister for Petroleum, Musadik Masood Malik; Minister for Industries and Production, Rana Tanveer Hussain, Chairman FBR, Chairman SECP, Federal Secretaries, and senior officers from concerned ministries and divisions.
The ECC deliberated on the summary of Revenue Division and approved income tax exemptions for the International Cricket Council (ICC) in connection with the ICC Champions Trophy 2025. These exemptions align with international best practices for hosting global sports events. Under the standardized hosting rights agreement between ICC and Pakistan, no taxes or deductions will be applied to ICC revenues, its subsidiaries, associates, officials, and non-resident delegates.
However, Pakistani residents, including the Pakistan Cricket Board (PCB), will remain subject to income tax on their earnings from the tournament. There will be no exemptions from Sales Tax and Federal Excise Duty (FED).
The tax exemption is not expected to result in a revenue loss, as it was a prerequisite for securing the tournament’s hosting rights.
The committee also discussed the summary of Ministry of National Food Security & Research regarding lifting of the ban on the commercial export of sheep and goats to Kuwait, but deferred the agenda for further clarification and due diligence
A Technical Supplementary Grant (TSG) of Rs. 6.859 billion was approved in favor of the Ministry of Energy (Power Division) for development expenditures in the current financial year (2024-25).
Based on the summary of Petroleum Division, the ECC also approved the extension of the LNG Framework Agreement between Pakistan LNG Limited (PLL) and SOCAR Trading for another three years. Initially signed in 2023, the agreement allows PLL to procure one LNG cargo per month when required, without any financial obligations or take-or-pay commitments. The extension aligns with Pakistan’s strategy for flexible LNG procurement based on seasonal demand, ensuring cost-effective energy solutions.
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved income tax exemption for the International Cricket Council (ICC) in connection with the ICC Champions Trophy 2025.
The Economic Coordination Committee (ECC) of the Cabinet met Thursday under the chairmanship of Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division, Islamabad. The committee deliberated on important economic matters and approved key decisions.
The meeting was attended by Minister for Petroleum, Musadik Masood Malik; Minister for Industries and Production, Rana Tanveer Hussain, Chairman FBR, Chairman SECP, Federal Secretaries, and senior officers from concerned ministries and divisions.
The ECC deliberated on the summary of Revenue Division and approved income tax exemptions for the International Cricket Council (ICC) in connection with the ICC Champions Trophy 2025. These exemptions align with international best practices for hosting global sports events. Under the standardized hosting rights agreement between ICC and Pakistan, no taxes or deductions will be applied to ICC revenues, its subsidiaries, associates, officials, and non-resident delegates.
However, Pakistani residents, including the Pakistan Cricket Board (PCB), will remain subject to income tax on their earnings from the tournament. There will be no exemptions from Sales Tax and Federal Excise Duty (FED).
The tax exemption is not expected to result in a revenue loss, as it was a prerequisite for securing the tournament’s hosting rights.
The committee also discussed the summary of Ministry of National Food Security & Research regarding lifting of the ban on the commercial export of sheep and goats to Kuwait, but deferred the agenda for further clarification and due diligence
A Technical Supplementary Grant (TSG) of Rs. 6.859 billion was approved in favor of the Ministry of Energy (Power Division) for development expenditures in the current financial year (2024-25).
Based on the summary of Petroleum Division, the ECC also approved the extension of the LNG Framework Agreement between Pakistan LNG Limited (PLL) and SOCAR Trading for another three years. Initially signed in 2023, the agreement allows PLL to procure one LNG cargo per month when required, without any financial obligations or take-or-pay commitments. The extension aligns with Pakistan’s strategy for flexible LNG procurement based on seasonal demand, ensuring cost-effective energy solutions.
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