REBATE TO RACING CLUBS.
EXTENSION FOR ONE YEAR.
(By Telegraph.—Special to Standard.)
WELLINGTON, Dec. 7. A decision to extend for tho coming financial year the 1 per cent, rebate of totalisator tax to racing clubs is incorporated in the Finance Bill. Owing to the difficulties which many racing clubs were experiencing through declining revenue, provision
was made during the last emergency session for a reduction for the current financial year from 5 per cent, to 4 per cent, of the totalisator tax, Since the dividends payable by clubs are computed on the gross takings of the totalisator, less 12i per cent., the effect of last session’s legislation was that tho net amount retained by racing clubs was increased from 7i per cent, to 8J per cent, The Government having decided to extend the concession for a further 12 months, the rebate will he applicable to the financial year ending March 31, 1934.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/MS19321208.2.30
Bibliographic details
Manawatu Standard, Volume LIII, Issue 9, 8 December 1932, Page 3
Word Count
152REBATE TO RACING CLUBS. Manawatu Standard, Volume LIII, Issue 9, 8 December 1932, Page 3
Using This Item
Stuff Ltd is the copyright owner for the Manawatu Standard. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in