Formula 1 drivers still concerned about Indian Income Tax laws for 2011 Indian GP – Formula 1 news
Formula 1 drivers are still concerned about the excessively high Income Tax that they might have to pay when the 2011 Indian Grand Prix takes place on October 30.
The Indian authorities are finding it hard to pacify the much worried teams and drivers who will have to pay around 1/19th of their annual income as Income Tax when the visit the Subcontinent nation this month.
“There are some concerns, and it's a concern for drivers as well as teams. It's quite a tough tax regime, but I'm certainly not competent to tell you exactly where we're at,” Martin Whitmarsh, Chief of Formula One Teams Association said. “But there is quite
a lot of negotiation and discussion going on. I am sure we will race in India, but we need to resolve some of those issues.”
There was a fear that the teams might boycott the race following the recent rejection by the Central Board of Excise and Customs (CBEC) of the tax waiver request that was lodged by the Formula 1 teams and drivers.
The Indian Grand Prix import duty tax concerns that were thought to be sorted out are still are major concern for teams and drivers who are still quite dissatisfied and are not so impressed with the Indian authorities at the moment.
Although the issue is still a major concern with the entire Formula 1 world, McLaren team principal Martin Whitmarsh has dismissed rumours of boycotting the race and has assured that the inaugural Indian Grand Prix will be taking place as scheduled.
He admitted that “it is quite a tough tax regime” and hence talks and discussions that were initiated few weeks ago are still going on to come up with a speedy and reasonable solution to the matter.
The race organisers, Jaypee Sports International (JPSI) had earlier agreed on paying the customs duty, taxes for the drivers and teams if need be, however, they have so far not said anything concrete on this matter.
The 2011 Indian Grand Prix is taking place at the Buddh International Circuit from October 28-30.
Let’s see whether the Indian tax authorities grant the Formula 1 drivers with any benefits or not.
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