RACING STAKES TAXATION.

Hokitika Guardian, 22 August 1923, Page 4

RACING STAKES TAXATION.

WFI-LINFTOX. Aii.tr. 20. When the Stamp Duties Bill was being considered in coinmiiteo in the House of liopresentalives to-night, the Prime 'Minister stated that in the finance Bill to come down later, there would ho provision that would make taxation easier for the small racing clubs in regard to taxation on gate money. An amendment was proposed in the Stamp Bill reducing the stakes from 10 per cent, to 5 per cent. This was done in consequence of an understanding made with the racing cluhs when the country was in want of revenue. The Prime Minister had proposed to make the tax 5 per cent. The racing cluhs came along and ollered t ) pav 10 per cent, if the tax was revised in two years’ time. This was agreed to It was an honourable promise, which he intended to fulfil. Mr .McCombs took strong exception to the making or such a promise by the Prime Minister. He could in no wav bind the House. Messrs Lee. F. •!. llollesion, and Isitt opposed the reduction ol the tax from 10 to o per cent. Mr Massey pointed out Hint the reduction did not come into force until March. 1021. If they did not i<: ke the proposed amendment, the tax would automatically go hack to 1 per <ent. IF' pointed out that last year ;;).li;!'i had keen obtained front taxation in connection with racing. Mr Holleston said the South Canterbury Jockey Club and other clubs objected to the proposed reduction on stakes. The country had already given awav about a million and a half in other directions, and it could not aH'ord to lose this revenue. The Prime Minister's promise should not hind the House.