The Finance Bill 2016-17 is a blessing for some and a test for others. PCB falls in the category of those who apparently have a lot to gain from this Bill. According to some sources, the FBR has proposed a reduction in income tax rates for the Pakistan Cricket Board in addition to waiving off a significant amount of past liabilities. It has been proposed that the future income should be taxed at 4% instead of the standard income tax rate. What is more dumbfounding is the proposal to pay off past liabilities at a mere 4% rate on gross revenues with respect to tax years 2010 and onwards. However, the PCB chairman claims that the board has not received any significant waivers since the rate would be applied to gross revenue, thus resulting in a higher tax amount.
