The National Party is disappointed that Racing Minister Winston Peters has withdrawn the Racing Amendment Bill which would have had considerable financial benefit to New Zealand’s racing industry, National’s Racing spokesperson Ian McKelvie says.
“The Racing Amendment Bill took several years to develop and involved extensive consultation with the whole racing industry.
“These changes would have made it possible for the industry to get a return from betting in overseas jurisdictions on New Zealand product and also betting by New Zealanders on foreign portals, both of which currently bring no tax or income back to this country.
“The Bill had the support of the whole industry and was set to provide a multi-million dollar injection into the racing and sporting codes, which would have flowed through to race stakes.
“The Bill would have enabled the industry to receive approximately $1 million per month in extra revenue. This extra revenue has already been delayed since late last year as the Minister initially postponed the Bill. Now Mr Peters is making the industry wait even longer for that potential income.
“National and the racing industry will await the Minister’s next move and hope that he acts in the best interest of the industry as a whole.”