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
Private Secretary Racing
(04) 471-9490 or (021) 610-855
(04) 471 9606 or (021) 994 400