India F1 GP Huge Taxes Exempted

Sept. 15, 2011 - PRLog -- On Wednesday, the government exempted the Indian Grand Prix Formula One organizers from paying taxes or custom duties. When the McLaren team boss, Martin Whitmarsh unveiled his fears, which stated that tax wrangle could jeopardize the upcoming inaugural Formula One Indian GP.

Within few weeks, F1 race will commence amidst huge fanfare. The event organizers are already struggling hard for compromising with the Indian Customs Department to issue 100% duties to the government for bringing racing equipment in India. These equipments are hugely expensive.

On the contrary, government also stated that amount would be refunded after the end of this event. The equipments will be transferred back with a normal deduction of 2%. Jaypee Sports India, the organizers stated that arranging such kind of money in short tenure is certainly very tough.

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