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Brazilian tax trouble for Ghana's $3 million soccer bonus?

Ghana_Fubol_logoGhana's World Cup players apparently got the the money they wanted. They took to the field pitch today to battle Portugal as the international tournament's first round of play for the Group of Death concluded.

The African nation's president reportedly flew around $3 million in cash to Brazil on June 25 to placate the national soccer fútbol squad. The players were unhappy at being denied bonus payments.

Why send currency instead of just depositing it electronically into players' bank accounts? Tradition.

"The practice in Ghana has always been paying the money in cash," the national team's coach Kwesi Appiah told CBS radio.

Taxes on internatial cash: The question now for tax geeks is how did the money get into Brazil?

Brazilian officials said if such an amount of money was brought into the country without being declared, the move would be illegal and that the entire amount could be confiscated.

Even it the bundle of cash cleared the declaration hurdle, there's the matter of taxes.

Brazilian law reportedly limits individuals to bringing in no more than $4,500 each before taxes are assessed on the excess.

Brazil's federal tax agency told media that it knew of no exemptions for any individuals or entities, including Ghana's World Cup team.

The tax complications, however, are likely to be the least of Ghana's concerns right now. The team's run at the 2014 World Cup championship ended with its 1-to-2 loss to Portugal.

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Grrr. Typo in headline. Story is correct. $3 MILLION, not BILLION.


Billion or Million???

“Brazilian tax trouble for Ghana's $3 billion soccer bonus?”

“The African nation's president reportedly flew around $3 million in cash to Brazil on June 25 to placate the national soccer fútbol squad. “

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