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India to tax Formula 1 for past three races
India’s Supreme Court has ruled that Formula 1 World Championship Limited (FOWC) has a permanent establishment in India and as such income accruing from it should be taxable. In a long-standing case, India’s apex court has upheld Delhi High Court’s decision to tax three Formula 1 races held in the country between 2011-13. It stated that the Buddh International Circuit, owned by Jaypee Group, served as a ‘permanent establishment’ for conducting business by Formula 1. A permanent establishment in India is defined as any fixed place of business, wholly or partially carried out by a foreign enterprise operating in India. Following the hearing, an assessing officer will decide the...
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8y ago from Motorsport.com
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