RACING TAXATION

Wanganui Chronicle, Volume LXXXI, Issue 18965, 17 March 1924, Page 4

RACING TAXATION

FURTHER REDUCTION PROBABLE BILL TO BE INTRODUCED Racing clubs and racing patrons are becoming interested In regard to tho racing taxation of tho future. The rate of stakes duty will bo reduced from 10 per cent, to 5 per cent, of tho aggregate amount Of stakes won at a race meeting, commencing from the end of the present month. The Prime Minister stated the other day, in reply to a question,that he was still mindful ot the generous attitude of leading racehorse owners in the Dominion when the finances of the country Were giving him grav a concern during the period of the "slump.” Until then, the rate if stakes duty was 1 per cent., ano he told them that he was forced to raise it appreciably. "Make it 10 per cent” they said, "if it will help the finances along.’’ The duty was increased to 10 per cent., said Mr. Massey, but, in the Act of last session. provision was made for the reduction of the duty. Tho now rate would come into force as from March 31. “Is there any prospect of a further ■eduction, in view of ytftir statement that an endeavour would be made to grant further remissions in taxation?” Mr Massey was asked.

"There will be a Bill next session dealing with it,” answered the Prime Minister. “In the meantime the matter will be considered by the Government.” ,

Mr. Massey, who is also Minister of Finance, was asked what were the prospects for a reduction in the totalisator duty and the dividend dutyHe was reminded that racing c'ubs were required to pay to the Consolidated revenue 2 J per cent, of the gross takings of the totallsator, together with the same percentage of payments for admission to or by way of fees payable on Licenses, other than those of jockeys and trainers. There was also payable the dividend duty, of 5 per cent, on the gross amount paid into the totalisator, after deducting 10 per cent“We .will deal with the whole mattter in the consideration of the Bill,” he replied. “We may also consider it in connection with the amusement tax ”

Mr. Massey referred to racing taxation during the course ot his address to the Commercial Travellers' Conference. He was questioning whether New Zealand was going in too much for luxuries, in view ot the increase jn imports and Cutoms duties. “Many people pay taxes volutarliy,” said Mr. Massey. “Now, with regard to the totalisator tax. I hav 0 seen people cheerfully tumbling over each other, in front of the windows, trying to help the Consolidated revenue.” (Laughter). An Order-in-Council has been issued, notifying the obligations Of racing clubs under the legislation passed last session in regard to statements of totalisator. dividend, and stakes duties required to be forwarded to the Commissioner of Taxes.