• All Share : 51603.9332
    DOWN -1.36%
    Top40 - (Tradeable) : 45467.3933
    DOWN -1.55%
    Financial 15 : 17009.8766
    DOWN -1.37%
    Industrial 25 : 64103.6481
    DOWN -1.64%
    Resource 10 : 42413.2401
    DOWN -1.18%

  • ZAR/USD : 11.9946
    DOWN -0.02%
    ZAR/GBP : 17.7855
    UP 0.04%
    ZAR/EUR : 13.0477
    UP 0.06%
    ZAR/JPY : 0.1002
    UP 0.10%
    ZAR/AUD : 9.3809
    DOWN -0.09%

  • Gold US$/oz : 1204.02
    UNCHANGED0.00%
    Platinum US$/oz : 1153.38
    UNCHANGED0.00%
    Silver US$/oz : 17.09
    UNCHANGED0.00%
    Palladium US$/oz : 770.25
    UNCHANGED0.00%
    Brent Crude : 58.92
    UNCHANGED0.00%

  • All data is delayed by 15 min. Data supplied by Profile Data
    Hover cursor over this ticker to pause.

Fri Mar 27 03:53:56 CAT 2015

F1 tax row clouds Indian GP

Alan Baldwin, Reuters | 10 September, 2011 10:51
The Ferrari Formula One brake on/off light is seen in the pit lane during the second free practice session for the Italian F1 grand prix at the Monza circuit
The Ferrari Formula One brake on/off light is seen in the pit lane during the second free practice session for the Italian F1 grand prix at the Monza circuit September 9, 2011. The race will take place on Sunday
Image by: STRINGER/ITALY / REUTERS

McLaren team boss Martin Whitmarsh has played down fears that a tax wrangle could jeopardise next month’s inaugural Indian Formula One Grand Prix. 

The Briton, who is chairman of the teams’ association FOTA, said Indian tax law posed a problem but rejected speculation that it could be serious enough to prevent the teams travelling to Delhi for the Oct. 30 race.     

    “I’m sure we will be in India racing but it’s an issue that we’ve got to get resolved,” he told Reuters at the Italian Grand Prix. “It’s not resolved at the moment. It needs to be resolved, it’s not straightforward.      

    “The teams are working together and we need to find a way in which the teams can feel confident that they are able to leave with their passports at the end of it (the race),” he smiled.     

    The 12 teams are concerned that they and their drivers could be hit by hefty tax demands, potentially on 1/19th of their incomes because of India being one of 19 races.     

    “Normally the bigger threat is to the driver than to the teams,” said Whitmarsh. “But there are some debates about whether 1/19th of revenues are taxable in India.”     

    India exempted the cricket World Cup from income tax earlier in the year, however.      

    The government also granted tax exemption on income to residents and non-residents alike gained from international sporting events in India in 2006, when the country hosted the IIC Champions Trophy cricket tournament.

SHARE YOUR OPINION

If you have an opinion you would like to share on this article, please send us an e-mail to the Times LIVE iLIVE team. In the mean time, click here to view the Times LIVE iLIVE section.