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Tax Man Puts Dampener On Inaugural Indian GP

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

12 September 2011


The Indian Tax Office is putting a dampener on the last minute preparations for the inaugural Indian Grand Prix due to be held on October 30, with the tax department saying that it should be paid a percentage of the income the teams receive throughout the year.

The Tax Office has apparently said that it will hold team directors personally accountable for the payment of tax it believes is due to India.

Martin Whitmarsh, chairman of the Formula One Teams Association (FOTA), said that the issue is not an unfamiliar one for them, and is usually dealt with under the tax treaties between the different countries involved.

He said that the matter is affecting all the teams and the drivers that are heading out to India, and that to date FOTA has been unable to get assurances from the Indian tax authorities that the matter will be resolved in a satisfactory manner.

FOTA has employed Ernst & Young to help it find a solution to the problem.

TAGS: individuals | tax | business | India | corporation tax | sportsmen | withholding tax | individual income tax

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