TOTALISATOR TAX
THE 1 PER CENT. REBATE EXTENSION FOR A YEAR (Parliamentary Reporter.) WELLINGTON, this flay. ’The Government’s decision to extend for the coming financial year the 1 per cent, rebate of the totalisator tax to racing clubs is incorporated in the Finance 'Bill which was introduced in the House last night. Owing to the difficulties which many racing clubs were 'experiencing through the declining revenue, provision was made during the last emergency session for a reduction for the current financial year from a 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 124 ’per cent., the effect of last session’s legislation was that the net amount retained by racing clubs was increased from per cent, to 84 per cent. The Government having "decided to extend the concession flor a further 12 months, the rebate will be applicable to the financial year which will end on March 31, 1934.'
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Bibliographic details
Poverty Bay Herald, Volume LIX, Issue 17957, 8 December 1932, Page 7
Word Count
166TOTALISATOR TAX Poverty Bay Herald, Volume LIX, Issue 17957, 8 December 1932, Page 7
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