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Finance Notes: India Supreme Court Rules F1 Will Be Taxed For Past Three Races

India’s Supreme Court ruled that Formula 1 World Championship Ltd. 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 upheld Delhi High Court’s decision to tax three F1 races held in the country from '11-13. An assessing officer will "decide the amount of tax to be levied." The tax will reportedly be "levied at a rate of 40% on the total business income, with additional interest imposed over and above it" (MOTORSPORT, 4/26).

CONMEBOL’s internal audit revealed an "unaccounted gap" of $150M as the organization "seeks to establish the full-scale damage of corruption." On Wednesday, CONMEBOL released the "details of the internal audit" at its annual congress in the presence of FIFA President Gianni Infantino (INSIDE WORLD FOOTBALL, 4/26).

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