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New Zealand Betting Levy To Be Repealed
Racing Minister of New Zealand, Winston Peters, has announced a repeal of the betting levy (racing totalisator duty) currently paid by the racing industry to the Crown. Peters made the pre-Budget announcement when opening the NZB Karaka May Sale in Auckland on Friday. Peters announced that payment of the levy to the Crown will be phased out over a three-year period, with freed-up funds to be redirected to the racing and sports sectors. The betting levy represents 4 percent of betting profits which amounted to $13.9 million in 2018. “Redirecting the betting levy is a step towards revitalising of the racing industry. It was a recommendation of the Messara review of the racing industry, and was endorsed by the Ministerial Advisory Committee (MAC),” Peters said. “The racing industry plays a vital role in the New Zealand economy, having contributed $1.6 billion to the economy in 2016/17 whilst employing tens of thousands of New Zealanders, many of them young, and boosting New Zealand’s exports.” Saying this was just one of a number of steps the kiwi government is undertaking, last month Peters also announced a Government agreement to a stepped response to the Messara Report, introducing two new pieces of legislation to bring new governance arrangements and other sources of industry revenue.