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How ridiculous of course it was a tax. Duty is a tax like a car is a vehicle. -
Interesting comment which raises an interesting question. If you take all clubs in combination, would there be a net taxable profit and therefore any return to government and the taxpayer? I would doubt it. -
And it is no longer. The taxpayer has given that back too with some help from Winnie.
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By Chief Stipe · Posted
Add to that advantage the fact that Clubs own assets worth hundreds of millions of dollars and pay no tax on any profits as they all operate under the umbrella of the Incorporated Societies Act. In my opinion that has been part of the problem. Clubs operate businesses that are not subjected to the same rules that many of their competitors have to. I believe if they had or did the industry would be healthier than it is. Certainly the natural rationalisation would occur a lot quicker than the slow march that is occuring. Ironically in a Communist Country the Hong Kong Jockey Club is the highest contributor to the City's coffers through betting duties, profits tax, and Lotteries Fund contributions contributing NZD$6.3 BILLION a year! -
By Chief Stipe · Posted
But that isn't a tax. It is a duty which was paid at 4% of profits. Certainly not a company tax rate!
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