The Singapore Tourism Board has announced that the levy imposed on hotels during the Formula One event will be reduced to four days, 24 September to 27 September, from the original five days due to the current economic condition.
The rates of the levy will remain unchanged at 30% of rooms revenue for the 13 trackside hotels and 20% of rooms revenue for all other hotels.
In 2008, the Formula One event recorded approximately US$109 million in revenue and welcomed more than 40,000 visitors.
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