PUBLIC SPECULATION

Rotorua Morning Post, Volume 2, Issue 389, 25 November 1932, Page 3

PUBLIC SPECULATION

MILLION A MONTH PASSES ' THROUGH BOOKMAKERS' IIANDS. Sydney, Saturday. More than £1,000,000 was "tumed over" in bookmalcers' bags last month. The first official figures of the new betting tax disclosed by the State Government show that from Oetober 1 to November 10 the receipts were £10,690.

The new' tax is assessed on a flat rate basis of 20s per.cent. on all the money held by the bookmaker, so that the complete turnover was £1,069,000. The turnover tax came into operation on Oetober 1, and the first figures take into account the Treasury's receipts from th'e big spring meeting. When the tax was introduced a very guarded estimate was made that it would return from £120,000 to £150,000 a year. Treasury officials believe that the estimate will at least be realised. Frohi the Government's point of view the new tax will almost certainly prove a more satisfactory revenue, producer than the old winning bets tax. Although the winning bets tax last financial year returned £204,000, the receipts were falling so rapidly as to lead one high oflicial to the conclusion that the time might soon arrive when, instead of the bookmaker paying a tax to the Government, the Government would be paying the bookmaker. In its first six months the winning bets tax receipts were £227,650, a rate of more than £500,000 a year; in its last year the receipts were down by considerably more than half, and for the quarter ended September 30 they totalled only £26,340. Treasury officials expect that the rdstriction of racing would in ordinary circumstances .have an effeet upon the receipts from the new tax, but as against that they believe .that the improvement in racing attendances