Thematically arranged candidature files allow to thoroughly examine the conditions for staging the event, and avoid unforeseen situations arising from the ignorance of the realities of the host city. The purpose of the bid books is to ensure that the information presented to the IOC can be clearly and objectively analyzed and compared.
The bid books were prepared in response to a questionnaire drawn up by the IOC and covering a series of key organizational issues, from venues and security to legal and financial framework for the event. The 2012 Olympic host city selection procedure required candidate cities to submit a plan for the organization of the Olympic Games in the form of bid documents (bid books). Subsidizing a sporting event with the taxpayers’ money can be considered to be justified if the event has the ability to generate positive public results or global promotional value. Yet in order to substantiate the funding of sport with public funds, there must be real social benefits. The Olympic legislation likewise benefits the IOC and its commercial partners, for whom the normal rules are being suspended for the period of the Games. Not only does the package of special tax arrangements for the 2012 London Olympics ensure a beneficial treatment for numerous people officially involved in the organization of, and participation in, the Games. It will also show that the fiscal measures for the Olympics raise considerable controversies. This article will explain the 2012 Olympic bid process and contractual obligations of the UK with respect to taxation. As a result, the Olympic Games in London have their own tax regime that constitutes a departure from the general principles of taxation in force in England. The bargaining power of the IOC has enabled it to demand tax-free treatment and an above the law position. However, unlike in the case of official sponsors, there has been no negotiation or a contract with the general public which has to cover the cost of a privately held sports event.
Sports fans and haters alike are going to foot the tax bill for the International Olympic Committee (IOC) and businesses involved in the Olympic Games because the UK government has offered a full tax exemption for any Olympics-related income. As a result, the Olympic Games in London have their own tax regime that constitutes a departure from the general principles of taxation in force in England.Ä«ritish taxpayers may not realize that they are unofficial sponsors of the 2012 London Olympics. The bargaining power of the International Olympic Committee has enabled them to demand tax-free treatment and an above the law position.
Sports fans and haters alike are going to foot the tax bill for the International Olympic Committee and businesses involved in the Olympic Games because the UK government has offered a full tax exemption for any Olympics-related income.
British taxpayers may not realize that they are unofficial sponsors of the 2012 London Olympics. The package of special tax arrangements for the 2012 London Olympics ensures a beneficial treatment for numerous people officially involved in the organization of, and participation in, the Games.