The New Zealand Racing Board (NZRB) welcomes today’s announcement from the Government to repeal the betting levy (racing totalisator duty) currently paid by the racing industry to the Crown.
Racing Minister Rt. Hon. Winston Peters made the pre-Budget announcement when opening the Karaka May Sale in Auckland today.
The Minister announced that the payment of the levy to the Crown will be phased out over a three-year period, with the funding to be returned to the racing and sports industries.
“The NZRB pays $1.8m in problem gambling levies and $46m in GST every year. We welcome the intent to repeal the existing betting levy paid by the NZRB, which amounted to $13.9 million in 2018,” says NZRB CEO John Allen.
“This will provide some much needed relief to an industry where many are struggling to make ends meet and help support them so they can continue to do what they love.
“The New Zealand racing industry is responsible for generating $1.6 billion in value-added contribution to the New Zealand economy and over 14,000 full time equivalent jobs. This announcement is an important element towards safeguarding the future,” says Allen.