THE Racing Victoria Ltd board has accepted recommendations to install a new taxing regime for wagering operators on Victorian racing by increasing its take from the existing gross profits revenue, reports The Age. It says: Consulting firm PriceWaterhouseCoopers was commissioned five months ago to review Victorian racing's current system of taxing corporate bookmakers at 10 per cent of gross profit. Among the report's recommendations released yesterday was to lift the gross profit tax to 13 per c
THE Racing Victoria Ltd board has accepted recommendations to install a new taxing regime for wagering operators on Victorian racing by increasing its take from the existing gross profits revenue, reports The Age.
It says: Consulting firm PriceWaterhouseCoopers was commissioned five months ago to review Victorian racing's current system of taxing corporate bookmakers at 10 per cent of gross profit. Among the report's recommendations released yesterday was to lift the gross profit tax to 13 per cent with the premium rate, which applies through the spring carnival, from 15 to 18 per cent. The recommendation includes a slight safeguard against poor gross profit returns from corporate bookmakers by installing a 0.5 per cent turnover fee to be paid if the gross revenue is less than 0.5 per cent of turnover.
Racing NSW is still awaiting a High Court decision on their attempt to instead charge corporate bookmakers 1.5 per cent of turnover, but RV chief executive Rob Hines said yesterday the new taxing agreement for Victorian racing could be influenced by the court decision.