Posted by Well, on the assumption that you are employing a treasurer, why not do what the BCCI has done.
From Cricinfo:
“The BCCI has been hit with a Rs 2300 crore (approx $433m) notice from the income tax department and has asked its treasurer Ajay Shirke to suggest how to deal with the issue.”
“So, Ajay – suggestions?”
Apparently, the BCCI was previously benefiting from tax exemptions because promoting cricket was considered a ‘charitable activity’. You’ve got to tip your hat to the accountant who had the sheer brass balls to suggest that.
Ha! Ha ha! A ha ha ha ha! Etc.
There is nothing money can’t fix. Including problems induced by itself.
I’d take a closer look at my tax returns and have a serious discussion with my accountant, I think.
BCCI in Financial Scandal
I’m sure we’ve been here before, late 80s perhaps. Maybe the problems started when they named themselves after a fraudulent and disreputable bank. The ECB would do well to take note.
Which corrupt bank are the ECB named after? Is the European Centrel Bank corrupt? I looked up the BCCI and it looks like many banks use them as a role model (no joke unfortunately).
Anyway the problem with the BCCI is they think the “Control” part of their name relates Internationally not just in India.
I think Bert was warning the European Central Bank, not the England Cricket Board. Why isn’t it EWCB, anyway? It really is taking the piss to say E stands for England and Wales.
I miss the TCCB.
I miss the TCCB as well, Daneel. But I suppose their name reflected a limit of scope. Perhaps we should have the TCCODIT20CC(oh and not forgetting)WC B.
This really is very straightforward.
Plan A: convince the Indian tax authorities that all sponsorships and other cricket-related receipts are effectively religious contributions on the part of the payer and therefore tax exempt in the hands of BCCI.
Plan B: if that doesn’t work, spend all the money on tax deductable things, including (indeed especially) one’s own salary and charitable donations to one’s own charitable cricketing activities, e.g. the private cricket ground that you simply had to build at the back of your new house that you simply had to build in order to be proximate to you cricket ground etc. etc.
Plan C: if that doesn’t work, repatriate BCCI to a place where tax matters are far easier to manage, such as Dubai. The fact that cricket is almost unknown in that Emirate is probably a plus when interacting with the Dubai tax authorities.
Plan D: if Dubai is no longer fiscally suitable for such repatriation, or too proximate to your adversaries, try somewhere less obvious, such as Liechtenstein, Panama or the Bahamas. The Republic of Vanuatu vociferously states that is no longer suitable for such activities…so you might like to make some discreet enquries there.
I am very confident that Ajay Shirke and his BCCI pals will not shirk from their tax planning duties, especially if there are some expensive (and tax deductable) jollies to be had evaluating the options. This is what cricket is all about.
Good ideas all Ged, although as a Dubai resident I thought I would mention it is definitely not the case that cricket is almost unknown. Its actually the most played sport in the Emirates and, while it is true there are only about 10 grass wickets in Dubai (a plethora of concrete ones though do abound) they are booked up for months ahead. A problem when running a side out here!
We’re even playing a side of Emiratis in about a months time.
I thought the best way to reply to a deadly serious set of ideas from you was with a similarly serious and educational answer…
Anyone else find it funny that the treasurer is called Shirke?