The Jockey Club has to pay an additional 2.4 billion each year. Chen Maobo: Think about it yourself

Hong Kong Jockey Club Jockey Club

In the new budget, Financial Secretary Paul Chan proposed that the Hong Kong Jockey Club should pay the government an “additional football betting tax” of 2.4 billion yuan per year for five consecutive years starting next year, totaling 12 billion yuan in five years. According to government sources, the current “clear price” can ensure a stable income every year.

The Hong Kong Jockey Club issued a statement, reiterating its strong reservations on the proposal to increase the gaming tax. It said that although it understands the government’s actions this time, the income of the Jockey Club will be greatly reduced in the next five years, which will have a significant impact on the allocation of charitable trust funds. However, the Jockey Club Commitment will not reduce the level of regular contributions awarded annually by the Fund. The Jockey Club emphasizes that during the budget consultation period, it has been clearly pointed out that the gaming tax rate in Hong Kong is the highest in the world, and the proposal to increase the gaming tax is strongly reserved.

Jockey Club: Adding betting tax makes outside bookmakers the only beneficiaries

The Jockey Club also urges the Hong Kong government to seriously review and even lower the “currently the highest in the world” betting tax rate in the long run, especially the horse racing betting tax rate ranging from 72.5% to 75%. The problem will only harm Hong Kong in the end, making illegal peripheral and overseas bookmakers the only beneficiaries.

According to government sources, the current taxes that the Jockey Club needs to pay are horse racing tax at a rate of 72.5% to 75%, Mark Six tax at 25%, and football tax at 50% of net betting amount. The football tax rate is not considered high. Government sources continue to indicate that the Jockey Club’s gaming tax revenue this fiscal year has reached 25.5 billion yuan, of which football betting taxes are nearly 9.9 billion yuan. In other words, the Jockey Club also has nearly 9.9 billion yuan in revenue. Accounting for nearly a quarter of its football betting revenue, it is described as a “non-exact scientific” calculation.

Ye Liu Shuyi: I will help the government in 5 years

Chen Maobo responded to relevant questions and said that the horse will be able to afford the relevant taxes, “we should pay”, and also pointed out that “maybe no one likes to be taxed by others, he has his reaction, I have what we should do Ye”. He also suggested that the Jockey Club should decide on its own how to deploy the 2.4 billion yuan, saying bluntly, “He thinks regarding it himself.”

New Democratic Party Legislative Council member Ye Liu Shuyi said that the income of the Jockey Club has continued to increase in recent years, and she also pointed out that the Jockey Club failed to explain why the income will decrease in the next five years. She continued that the government has “capped” taxes, and the Jockey Club’s charitable surplus has reached more than 40 billion yuan. “It will help the government in the next five years.” Liu Yeqiang from the Democratic Federation further stated that the total collection of 12 billion yuan in five years is not enough, and believes that the gaming tax rate and tax system should be reviewed in the long run. Zhang Yuren of the Liberal Party believes that the annual payment of 2.4 billion yuan by the Jockey Club will not affect his good deeds, but only needs to study how to earn another 2.4 billion yuan.

Originally published on AM730 https://www.am730.com.hk/Local/Budget 2023/The Jockey Club has to pay an additional 2.4 billion a year-Chen Maobo-I think regarding it/362709?utm_source=yahoorss&utm_medium=referral

Leave a Replay