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F1 benefits from $27m Singapore tax windfall
Newly released documents reveal that F1 is set to receive $27m in tax money previously withheld by the Singapore government. 'In January 2018 agreement was reached with the Singapore tax authorities regarding the refund of Singapore taxes, historically withheld from race promotion fees paid to the company by the Singapore race promoter,' reveal the documents, according to Forbes. 'As a result of this agreement, Singapore taxes totalling approximately $27m will be refunded to the company. It is expected that the refund will be received during 2018, resulting in an overseas tax credit of the same amount in that year.' Though race agreements stipulate that fees must be paid free of all taxes,...
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