RACING TAXATION.

Hokitika Guardian, 23 August 1923, Page 4

RACING TAXATION.

COYKKXMKNi AJ.yKJNG KEDI'CTIONS. WELLINGTON, Aug. -0* 'Jin* announcement o) revised taxation on racing was made by the Prime Minister to-night, when the Stamp Duties Act Amendment Bill was being considered in committee, lie reminded the House of racing owners who offered to pay 10 per cent stakes tax during had times it the Government would revise the matter within two _\cai*s. This, he said, would he dune. Tlio Finance Bill would reduce the stakes tax to per tent after March .’ll next. It wits intended to make it easier for the smaller racing clubs by introducing a graduated scale of taxation. Mp F. ,L Rollchton -Timaru) said the reduction of the stakes tax meant a loss of revenue of C2o.iu:!>. while under tl’.e band ami Income Tax Bill passed lot week the whole of incometax on racing clubs had been abolished. Perhaps the House did not know this, but it was a iact that taring clubs no longer paid income tax, though tho big clubs were making big profits, wnile the smaller club, had no income on which to nay tax. The income tax from ill's source in 1921 was WU.M.V), and he wanted to know why the Government was letting another [120,000 go tu wiuiiiug owners, who were getting double ike stakes offered in ltd!. Here again w.,s an injustice. he atise a man who won nuG L'2ii9 paid the same percentage as il:e winner ~i L'ldd'Ott. Ibis me.lit in be graduate<l a- with other taxes. Air .Mu -scy suggested that the member for Timaru did not understand the mention regarding the slakes tax. There was an honourable understanding arising out of the owners' voluntary offer, and he was reducing the ] tax alter two years and three months. : ile thought be could take tile extra j three mouths, as lie gave away the fractions. AVitii regard to income tax the Government was losing mi account of lands occupied by racing clubs, the wish to say that lie would see exactly where they stood, and if the Government could not ull'ord to part with that he would ask the House to amend the Act. Mr Cmrigan said it cost lull per cent more than before the war to move horses aboui the country. Tl cost him L'lOt) each time he sent a horse from Christchurch to Auckland. Mr Fraser: li is a heart-rending story. Mr bee said it-was a class tax which liaise who were taxed could well alV,■rd to pay. AC- \Yiitv said there were not two men in New Zealand who had made money out of raring. Air .M'Combs said that people heard jof a one-man Parliament. Air Massey I had made a promise and Parliament was called upon to honour it, although it had been i.-iven without the author