BOOKIE’S FEES

Hokitika Guardian, 26 November 1932, Page 6

BOOKIE’S FEES

A SUBSTSKTIAL- AMOUNT

SYDNEY, November 17 When the new betting tax on bookmakers’ turnover came into operatic 1 on October 1 it was estimated roughlv that revenue from th’.s source wou.d range from £120,000 t 0 £150,000 a year. The returns for th ? first completed" month are now available, and it seems that the Treasury has so far received about £10,700. This is near the estimated average, and the Government officials regard the new tax as more satisfactory than the tax previously levied on winning bets. For the last financial year the returns from the winning bets tax amounted to over £200,000. 'But this in reality represents a great decline m revenue, for the winning bets tax in the fi fit six months brought in £227,000, which is at the rate, of over £150,000 a Put evasion vva s so easy and- the decline in betting consequent on hard times was so strongly marked that the Treasury officials regard the new turnover t ax as a most desirable substitute.

Of course, the reduction in the number of racing days will reduce th° revenue; but the returns ehow that the bookies’ turnover for last month was over a million sterling, and this certain lv suggests that the depress'd]! is parsing;"and money is now circulating more freely than heretofore.