The Indian GP which when was pen down was considered to be an underdog, in a country where cricket is worshiped the market thought that the GP would fail to impress but even though there is enough time for the event to begin the Indian GP has bagged the biggest sponsors and are still getting more and more. The latest news from the Indian GP says that Jaypee Sports International (JPSI) have now offered to pay any customs duties and taxes if required or the teams which will come over to India with their F1 cars and equipment.
“The teams are concerned about the implications of withholding tax in India and being taxed locally. You don’t go somewhere if you’re going to be penalised,” Whitmarsh explained at the Italian Grand Prix.
The whole amount of taxes is crossing over Rs. 8 crore but looking at the kind of sponsorship the GP is getting the organizers don’t mind paying for the taxes for tall the 12 teams. McLaren team principal and chairman of the F1 teams’ association FOTA had explained that the teams also wanted guarantees that they would not fall foul of local tax legislation.
Source – BBC