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F1 Tax

clipped from

Eleven "trackside" hotels will have to pay a Formula One (F1) levy of as much as 30 per cent during the Formula One race, slated to take place in Singapore on Sept 28 next year, the Ministry of Trade and Industry (MTI) announced today.

The levy, to be imposed for hotel stays from Sept 24 to 28, 2008, when the first F1 race is to be held here, will be 30 per cent of the total revenues from rooms and room packages for trackside hotels, and 20 per cent of the total revenues from rooms and room packages for all other tourist hotels.

The government announced in May it will stage a Formula One race for at least five years from 2008, as part of its effort to increase the number of tourists to 17 million annually by 2015 and triple their spending to S$30 billion ($20 billion). The government will provide funds for about 60 per cent of the event's costs, estimated at S$150 million a year, it said.

such a contribution through a levy to defray some of the cost of staging the F1 race in Singapore.