XN000022-1984-02-29 — Page 28

WEDNESDAY, FEBRUARY 29, 1964

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BETTING DUTY RAISED

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THE FINANCIAL SECRETARY, SIR JOHN BREMRIDGE

SIR JOHN BREMRIDGE, PROPOSED

INCREASING BETTING DUTY IN 1984-85 TO RAISE ADDITIONAL REVENUE OF $151 MILLION OVER THE YEAR.

DUTY ON STANDARD BETS WOULD BE RAISED FROM THE PRESENT RATE OF EIGHT AND A HALF PER CENT TO NINE PER CENT, TO BE BORNE ENTIRELY BY THE JOCKEY CLUB.

DUTY ON EXOTIC BETS WOULD BE INCREASED FROM 13.5 PER CENT TO 15 PER CENT, WITH HALF OF ONE PER CENT TO BE BORNE BY THE JOCKEY CLUB AND ONE PER CENT BY THE PUNTER. THIS WOULD REDUCE THE POOL OF PRIZE MONEY MARGINALLY FROM 78.6 PER CENT TO 77.6 PER CENT OF TOTAL EXOTIC BETS PLACED.

ON LOTTERIES, THE DUTY WOULD BE INCREASED BY THREE PER CENT FROM THE PRESENT RATE OF 27 PER CENT TO 30 PER CENT, WITH TWO PER CENT COMING FROM THE JOCKEY CLUB AND LOTTERIES FUND SHARE, AND ONE PER CENT FROM THE PRIZE POOL SHARE.

SIR JOHN SAID THE INCREASES IN BETTING DUTY FOR 1983-84 WERE EXPECTED TO YIELD AN EXTRA $50 MILLION ON THE ESTIMATED $1.58 BILLION APPROVED FOR THAT YEAR, AS EVIDENCED BY THE CONTINUED INCREASE IN THE JOCKEY CLUB TOTAL ISATOR TURNOVER.

HE SAID THE MAJOF PORTION OF THE INCREASES WOULD BE SHOULDERED BY THE JOCKEY CLUB.

HOWEVER, HE ADDED THAT THIS WAS THE SECOND YEAR THE

JOCKEY CLUB WAS REQUIRED TO SHOULDER THE INCREASE RESPONSIBLY, AND HE EXPECTED THEY WOULD HAVE THE EFFECT OF DIMINISHING THE CLUB'S ABILITY TO PROVIDE FINANCIAL SUPPORT TO THOSE WHO LOOK TO IT FOR FUNDS FOR PROJECTS WHICH CANNOT BE SUPPORTED BY A GOVERNMENT INTENT ON CONTROLLING PUBLIC SECTOR EXPENDITURE.

LIQUOR TAX POLICY EXPLAINED

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THERE SEEMED TO BE NO REASON IN LOGIC OR EQUITY WHY PURCHASES OF CHEAPER BRANDS IN A CLASS OF DRINKS SHOULD PAY EXACTLY THE SAME DUTY PER BOTTLE AS THAT IMPOSED ON A MORE EXPENSIVE BRAND, THE FINANCIAL SECRETARY, THE HON SIR JOHN BREMRIDGE, SAID TODAY (WEDNESDAY) WHEN PROPOSING MODIFICATIONS IN LEVYING DUTY IN I BUDGET SPEECH.

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SIR JOHN SAID THAT AFTER FULL CONSIDERATION, HE PROP SEL MODIFICATION OF THE EXISTING SYSTEM BY APPLYING A UNIFOR OF ABOUT 10 PER CENT TO THE CURRENT SPECIFIC RATES, COUPLE. IMPOSITION OF A UNIFORM AD VALOREM RATE OF 20 PER CENT.

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