RACING CLUBS.
REBATE OF TAXATION. EXTENDED FOR ONE YEAR. LEGISLATIVE PROPOSAL. (By Telegraph.—Parliamentary Reporter.) WELLINGTON", tliis day. The Government's decision to extend for the coming financial year the 1 per cent rebate of totalisator tax to racing clubs is incorporated in the Finance Bill introduced in the House last night. Owing to the difficulties which many racing clubs were experiencing through declining revenue, provision was made during the last emergency session for the reduction, in the current financial year, from 5 per cent to 4 per cent, of the totalisator tax. Since the dividends payable by the clubs are computed on the gross takings of the totalisator, less I 12A per cent, the effect of last session's legislation was that the net amount retained by racing • clubs was increased from 7! per cent to 8A per cent. The Government having dccided to extend the concession for 12 months, the rebate will be applicable to the financial year, which will end on March 31, 1934. I
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Auckland Star, Volume LXIII, Issue 290, 8 December 1932, Page 10
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165RACING CLUBS. Auckland Star, Volume LXIII, Issue 290, 8 December 1932, Page 10
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