By David Owen

FIFA HQ 2April 10 - FIFA's recently-announced positive annual result of $89 million (£58 million/€68 million) for 2012 was achieved despite a striking 350 per cent increase in the world governing body's annual tax charge.

The consolidated income statement in the organisation's 2012 financial report puts taxes and duties at just over $17 million (£11 million/€13 million), against less than $4.9 million (£3.2 million/€3.7 million) in 2011.

The body says that the increase is "related to the growth in reserves".

These have more than doubled from $643 million (£420 million/€491 million) in December 2007 to $1.38 billion (£901 million/€1.05 billion) at the end of last year.

FIFA says that having "sufficient" reserves is of "great importance" to its financial independence and ability to react to "unexpected events".

This has proved "particularly vital in the light of the worldwide financial crisis".

Not surprisingly, the Zurich-based organisation says the majority of taxes and duties are "paid to tax authorities in Switzerland".

FIFA is taxed according to Swiss taxation rules for associations.

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