The Economic Coordination Committee (ECC) approved on Thursday income tax exemptions for the International Cricket Council in connection with the ICC Champions Trophy 2025.

“The deliberated on the summary of Revenue Division, these exemptions align with international best practices for hosting global sports events,” a press release said.

Federal Minister for Finance and Revenue Muhammad Aurangzeb presided over the meeting.

“Under the standardised 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,” it said.

But Pakistani residents, including the Pakistan Cricket Board, would remain subject to income tax on their earnings from the tournament. “There will be no exemptions from Sales Tax and Federal Excise Duty.”

The statement said: “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 deliberated on economic matters and approved key decisions. The committee also discussed the summary of the Ministry of National Food Security and Research regarding the “lifting of the ban on the commercial export of sheep and goats to Kuwait but deferred the agenda for further clarification and due diligence.”

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A Technical Supplementary Grant of Rs6.859 billion was approved in favour of the Ministry of Energy for development expenditures in the current financial year (2024-25).

Based on the summary of the Petroleum Division, the ECC also approved the extension of the LNG Framework Agreement between Pakistan LNG Limited and SOCAR Trading for another three years.

It was initially signed in 2023 as the agreement allows PLL to procure one LNG cargo per month when required, without any financial obligations or take-or-pay commitments.