Top Pakistani first class cricketers earning income from top cricket tournaments around the world have failed to file their wealth statements and income tax returns and have hidden their income records through mis-declarations of their income.
According to a report, 25 first class cricketers in Pakistan have failed to file their wealth statements for the financial year 2010-11. These cricketers, says report, have earned their income for the aforesaid tax years through foreign tournaments, English counties and various premier leagues across the globe.
Pakistan’s financial daily further reveals, that most top cricketers in the country hide their income through ‘gross mis-declarations’.
While the report states that some of the cricketers don’t even file their tax returns, many popular cricketers appearing in soft drinks commercials have concealed their wealth and assets.
Cricketers who participate and earn hefty cash and rewards by playing in various T20 leagues in India, Bangladesh and other countries don’t mention the income in their tax returns to avoid tax payment.
The Federal Bureau of Revenue (FBR) of Pakistan in view of such cover up of wealth and properties by cricketers proposed amendment in assessments of IT returns. The FBR maintains a record of around 25 cricketers’ tax profiles concealing their income records.
The daily suggest that cricketers born in Pakistan are obligated to declare their foreign income as both Pakistan and foreign income are liable to tax in the country.
Another astonishing fact revealed by the daily suggests that the income earned by cricketers through various cash awards and prizes during international tours too were not declared.
FBR’s record of tax profiles mentions that some top cricketers who play for the national team and also remain brand ambassadors of major companies have been reluctant in disclosing their earnings in their income tax returns.
The report cites the example of one such player, who despite representing the national team since 2007 fails to be featured on the tax roll.
