1BSPORTS 1B Sports June 9th news Brazil Global Sports reported that the flamenco club has received some of the Club World Cup participation payments paid by FIFA.
Fasco, with other Brazilian clubs, gave up opening a company in the United States, Flamenco was able to receive the funds in Brazil. According to the performance of the event, the club will also receive other subsequent payments. Club President Louis Eduardo Baptista made the announcement at a review committee meeting last Friday.
According to the chairman, the 65.8 million real estate payment was completed last Wednesday. As funds are deposited directly into Brazilian accounts, the club avoids the possible tax impact of remittance to the United States. Baptista said: “We received 65.8 million real payable by FIFA in Brazil two days ago. The funds were recorded without opening an overseas company. The problem has been resolved. For those who had expressed concerns, we achieved funds back in advance and avoided the tax shocks that might have been faced.”
He further explained: “The outside world criticized this and finally FIFA made a concession, allowing us to complete the transaction directly through Brazil. During the process, FIFA proposed: ‘We will pay a considerable proportion of the money to all participating countries in the form of bonuses rather than event remuneration.’ We immediately responded: This is simply a timely help.”
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