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[No. 25-7.8.34.-2.]
(C.S.O. 3215/30C).
A BILL
Short title.
Amendment
INTITULED
An Ordinance to amend the Betting Duty Ordinance, 1931.
BE it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows:-
1. This Ordinance may be cited as the Betting Duty Amendment Ordinance, 1934.
2. Sub-section (1) of section 6 of the Betting Duty of Ordinance Ordinance, 1931, is repealed and the following sub-section
substituted:
No. 40 of
1931, s. 6.
(1) On every bet made on any totalisator or pari-mutuel authorised by this Ordinance there shall be charged a duty on a scale to be determined from time to time by a resolution. of the Legislative Council.
Objects and Reasons.
1. The duty on pari-mutuel tickets was fixed by the Betting Duty Ordinance, 1931, at 3% of the face value of each such ticket sold. By the Betting Duty Amendment Ordinance, 1933, the duty was reduced to 24% as from 1st September, 1933.
For the year ending March 31st, 1934, the Hong Kong Jockey Club's accounts showed a loss of over $30,000. Their gross receipts from the sale of pari-mutuel tickets were $4,341,930 and the duty paid thereon was $116,848.
It is thought possible that in the year ending 31st March next, the gross receipts from this source may fall below $4,000,000.
2. In these circumstances, at the request of the Jockey Club, it has been considered fair to introduce a sliding scale to govern the payment of this duty, but to introduce such a scale into the body of the principal Ordinance would be cumbersome, especially as it is not necessarily intended to be final. Hence the amendment proposed by this Bill leaves the scale to be fixed by resolution of the Legislature.
3. A copy of the resolution to be put to the Legislative- Council so soon as this Bill becomes law is appended.
R. E. LINDSELL,
Attorney General.
July, 1934.
Page 15Page 16
(CS.O. 1/4299/29).
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