The return door to India seems to have closed for formula one. Three Indian grands prix were held near Delhi until 2013, when bureaucratic hurdles ended the deal.
And now, those bureaucratic hurdles seem higher than ever before, with India's supreme court ruling that that the sport owes the government millions in tax.
"We have held that (F1 has) income that is attributable in India (and) will be taxed. The amount that is to be taxed is to be assessed by an assessing officer," the judges ruled.
Local reports said India is seeking 40 per cent of the total business income of the races. (GMM)
Because F1 is a company and if they earn money from India they'll have to pay the tax. This is how Indian system works, nobody will get any kind of concession from Indian Tax Dept. :-)
ED dept of India will soon visit Europe for some discussion.
I understand that, its the same with most countries, however F1, as far as I know, doesnt do too much business directly with India at the moment, at least not since the Indian GP was last held.
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Replies (5)
Login to replymclarenfan1968
Posts: 1,027
LOL land of thieving politicians who have the judiciary in their pockets.
Pot. Kettle. black. Cute
calle.itw
Posts: 8,527
... Why do they think F1 has income that is attributable to India?
k.gandhiin
Posts: 17
Because F1 is a company and if they earn money from India they'll have to pay the tax. This is how Indian system works, nobody will get any kind of concession from Indian Tax Dept. :-)
ED dept of India will soon visit Europe for some discussion.
calle.itw
Posts: 8,527
I understand that, its the same with most countries, however F1, as far as I know, doesnt do too much business directly with India at the moment, at least not since the Indian GP was last held.
k.gandhiin
Posts: 17
Bernie is a well known Vampire who only lured promoters to suck some money from country in the name of so called "F1 Brand" and delivered nothing.
Kudos to Indian SC for giving such verdict. But 40% looks too much to me.