Announcements
PUBLISHED 20 March 2006

Racing changes tabled

Legislation tabled in Parliament today introduces racing industry tax changes that include a reduction in gaming duty for racing and accelerated depreciation for bloodstock. The changes are expected to be incorporated into the Taxation (Depreciation, Payment Dates Alignment, FBT, and Miscellaneous Provisions) Bill. For more information see the media statement from the Minister for Racing and Supplementary Order Papers no 15 and no 16.


Rt Hon Winston Peters
Minister for Racing

MEDIA STATEMENT

Racing Legislation Before Parliament

"The legislation which will give effect to the major announcements made to the racing industry on Friday, 10 March 2006, will be submitted to parliament tomorrow by way of supplementary order papers, says the Minister for Racing, Rt Hon Winston Peters.

"As I recently indicated, the reduction in totalisator duty to 4% of gambling profits and the decrease in write-down periods for stallions and broodmares will be achieved through amendments to the "Taxation (Depreciation, Payment Dates Alignment, FBT, and Miscellaneous Provisions) Bill".

"Parliament now has the opportunity to create a level playing field for this iconic industry, and to give racing the opportunity to reach its economic potential."

"These long-overdue changes will provide the racing industry with the fair go that it has been seeking, as demonstrated by the industry's favourable reaction to last week's announcement.

"It is now time for parliament to play its part and we expect all those political parties that recognised the inherent unfairness racing was operating under during the election campaign to support this legislation", concluded Mr Peters.

The supplementary order papers are available at www.taxpolicy.ird.govt.nz

ENDS

Allison Jones
Private Secretary Racing
(04) 471-9490 or (021) 610-855

Sophie Lee
Media Officer
(04) 471 9606 or (021) 994 400