SINGAPORE - For 5 days next year, hotels across Singapore will raise their rates when the F1 comes to town. Today, the Singapore government announced the specified taxes it will levy on hotels to help defray the cost of bringing the race here from Sept 24 to 28 next year.
In a 2-tier system, track side hotels have to pay a 30% tax on their total room revenue. Even hotel 81 will have to fork out a 20% tax from their total room revenue. Singapore got the green light on May 11 to host the F1 for five years. The Government is expected to foot the lion's share - 60% of the cost of staging the annual race, a sum which can reach $150 million.
The race, widely expected to be the first to take place at night, is part of the city-state's effort to increase the number of tourist arrivals to 17 million, who are expected to spend $30 billion here by 2015.
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