India GP organisers agree to pay F1 team taxes

Sept.16 – Indian Grand Prix organisers have moved in to resolve the risk of teams boycotting the race because of a clash over tax. All F1 teams and drivers are worried they will be hit with big tax bills at October race.

Now the Indian GP organisers Jaypee Sports International have now offered to pay any customs duties and taxes if required. Jaypee Sports International have estimated that the final duty payable on equipment will be eight crore rupees, which is just over £1m.

F1 teams’ association FOTA chairman Martin Whitmarsh [McLaren team principal] had explained that the teams also wanted assurance that they would not fall foul of local tax legislation.

“The teams are concerned about the implications of withholding tax in India and being taxed locally,” Whitmarsh had explained at the Italian Grand Prix. “You don’t go somewhere if you’re going to be penalised.”

JPSI have now offered to pay the costs of teams releasing their equipment from customs ahead of the race on 30 October. The company said in a statement it “has full support from the government, the sports ministry and the customs department for the F1 event”.

Source: BBC F1
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