Board committed to working with Govt on duties
10 March 2006
New Zealand Racing Board committed to working with Government on betting duty restructuring
Following the Racing Minister’s announcement today on the Government’s progress on the NZ Racing Board’s taxation case, Board Member Dr Alan Jackson communicated the Board’s satisfaction with the progress being made.
“This result has been the culmination of an extensive amount of work from all sectors of our industry and we appreciate the time and commitment made by all involved,” Dr Jackson said.
He also confirmed the Board’s position on the distribution of any additional funds this progress might release into the industry.
“Any additional funds will be channelled into increased returns to wagering and to animal owners, and injection of much needed capital funds into the industry to provide the appropriate facilities to deliver the product,” Dr Jackson said.
”The Board welcomes this announcement and we believe it will add further impetus to the initiatives we have already put in place, including improved industry performance, increasing participation through enhancing the entertainment component of race meetings, and internationalising the New Zealand product.
”We are making strong progress on these initiatives, as has been seen over the summer months with the inaugural season of the NZ Still Destination Summer Holiday Racing series. This received very favourable feedback from race clubs and customers alike,” Dr Jackson said.
However, he said the industry recognised it must continue to strive for greater efficiencies, continue to position the product firmly in the entertainment sector of New Zealand and increase its position as key contributor to New Zealand's export earnings.