Established in 1999



 

Home

Public Others Government Business Arts Community
Entertainment Lifestyle Services People Travel Internet Stuff

 

 

     FrontPage Edition: Mon 13 August 2007

Weather: Meteorological Service Singapore    High & Low Tides

Yesterday   2007   2006   2005   2004   2003   2002   2001   2000   1999

Formula One (F1) levy on hotel room revenues

Source: www.mti.gov.sg

F1 LEVY BEGINNING IN 2008 ALLOWS HOTELS TO KEEP SIGNIFICANT UPSIDE
Following consultation with the Singapore Hotel Association (SHA), the Ministry of Trade and Industry (MTI) has decided on the following rates for the Formula One (F1) levy on hotel room revenues:
a. 30% of the total revenues from rooms and room packages for trackside hotels; and
b. 20% of the total revenues from rooms and room packages for all other tourist hotels[1].
The F1 levy will be effective for a period of five nights. For the first F1 race to be held in Singapore on 28 September 2008, the five-night period will be from Wednesday (24 September) to Sunday (28 September).
Based on the current circuit design, the trackside hotels for 2008 are:
a. Swissotel The Stamford, Singapore
b. Raffles The Plaza, Singapore
c. The Pan Pacific Hotel Singapore
d. The Fullerton Hotel
e. The Ritz-Carlton, Millennia Singapore
f. The Oriental Singapore
g. Marina Mandarin
h. Raffles Hotel
i. Conrad Centennial Singapore
j. Carlton Hotel
k. Peninsula-Excelsior Hotel
The list of trackside hotels will be revised, if necessary, when the circuit design is finalised with FIA approval.
In setting the F1 levy rates, MTI is mindful that hotels should still be able to keep a significant share of the upside.
However, as the F1 race in Singapore will be held on a street circuit, some hotels are likely to benefit more from the event than others due to their proximity to the circuit or because their rooms have a good view of the track.
As such, these trackside hotels should contribute more towards the organisation of the race.
In May this year, Minister of State for Trade and Industry, Mr S. Iswaran, had announced that hotels would be making such a contribution through a levy to defray some of the cost of staging the F1 race in Singapore.
It is common for hotels in F1 host cities to be near full occupancy and to raise their room prices by up to two to three times during the race period because of the high demand.
Similarly, hotels in Singapore are expected to be key beneficiaries from Singapore¨s hosting of the race.
MINISTRY OF TRADE AND INDUSTRY
13 AUGUST 2007
[1] Tourist hotels include all hotels previously gazetted for purposes of collecting cess. New hotels deemed to be tourist hotels will also be required to make a contribution via the F1 levy.

Source: www.mti.gov.sg Media Release 13 Aug 2007

Related Article:
- Inaugural F1 Singapore Grand Prix to be held on 28 Sep 2008

Important Notice

Our FrontPage Editions are a historical record of our Web site and reflect the changing of the times, and also of our Web site through time. We do not and will not update the links and stories on these FrontPages even if they have become obsolete.

 

If you have an event or some news to share with our readers, send the details, including picture(s), to us at editor@getforme.com 

We are now 14033 pages thick and growing.

Public Holidays HARI RAYA PUASA is the next public holiday. It falls on 13 October 2007.