CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Indian Court Delivers Interim F1 Tax Ruling

Indian Court Delivers Interim F1 Tax Ruling

by Mary Swire, Tax-News.com, Hong Kong

25 October 2011


The organizers of this weekend’s Formula-1 motor racing event being held in Greater Noida, India, have been asked by the country’s Supreme Court to deposit 25% of ticket sales revenue into a separate bank account while it deliberates on a challenge to the event being given a tax exemption.

A petition has been filed by an individual, Amit Kumar, who is arguing that there is no justification for the organizers, Jaypee Sports International Ltd, to be exempted from paying the same tax as other companies involved with putting on entertainment events in the country.

The Court has been looking for an explanation from the Uttar Pradesh (UP) state government for its decision to give the exemption on a tax which is usually chargeable on all large-scale entertainment and sports events.

Both the UP government and Jaypee Sports have been asked to file their replies. The Bench has directed that the amount payable will be subject to the final outcome of the challenge, and rejected the argument from the counsel representing the organizers that any court decision would cause adverse publicity.

TAGS: court | tax | India | law | travel and tourism

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »