Supreme Court Orders Taxes On Formula 1 For Indian Grand Prix
the Supreme Court has ruled that the Formula 1 World Championship Limited (FOWC) has a permanent establishment in India and as such income accruing from it is taxable.
While the amount to be paid in taxes is yet to be assessed, the tax will be levied at a rate of 40 per cent of the total business income. In addition, there will be additional interest that will be imposed over and above it. The Supreme Court verdict also stated that payments made by Jaypee Group to Formula One management for the use of symbols and logos will also be treated as business income and not royalty and hence, will be taxed as well. The court said that such symbols were used for hosting an event and not for intellectual property purposes.
The very ambitious BIC was built by Jaypee Group, which signed a five-year contract with F1 management to host a total of five races between 2011 and 2015. However, due to bureaucratic issues and heavy taxation on F1 teams and management, BIC was pulled off the F1 calendar after conducting races in 2011, 2012 and 2013. I
Dikatakan bahwa pengadilam tertinggi India memutuskan bahwa lembaga perlombaan dunia Formula 1 punya tempat permanen di India sehingga semua pendapatan bisa jadi obyek pajak.
Jumlah yang harus dibayarkan masih belum dihitung, tapi pajak kira kira 40 persen dari pemasukan. Juga akan ada pajak tambahan diatas itu. Penggunaan simbol dan logo juga akan dianggap sebagai pemasukan dan bukan suatu royalti sehingga akan dipajaki juga. Karena dianggap penggunaan simbol adalah untuk penyelenggaraan cara dan bukan bagian dari intellectual property.
BIC dibuat oleh Jaype Group punya kontrak dengan managemen F1 untuk melakukan 5 lomba di India dari tahun 2011 hingga 2015. Karena masalah birokratis dan pajak yang tinggi, BIC dikeluarkan dari kalender acara F1 setelah ada lomba di 2011, 2012, dan 2013.
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