F1 is one of only two sports to receive a temporary reprieve from the tobacco advertising ban, and has until 2006 to find new sponsors. This will bring it in line with a global ban on tobacco advertising planned by the World Health Organisation.
Other countries, including Monaco, Italy and Germany, will continue to allow Formula One cars and circuits to sport tobacco company logos and ads until 2006.
The decision not to stage a Grand Prix at the legendary Spa-Francorchamps circuit next year was taken at a meeting of the F1 governing body, the FIA.
Five F1 teams including Ferrari, the world champion with driver Michael Schumacher, and McLaren still have tobacco sponsorship.
The FIA was meeting in London to discuss F1's future after what many have seen as a terrible year for the sport, with TV viewing figures slumping after a total domination by Ferrari, which won all but two of the races, and Schumacher. Measures being taken to improve the spectacle of the sport next year include a new points-scoring system and one-lap qualifying runs.
The cancellation of the Belgian Grand Prix, one of the drivers' favourite tracks, will mean millions of euros in lost revenue for the country.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .