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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! -
By Wandering Eyes · Posted
The Belmont Child Care Association (BCCA) has kicked off its annual `Think Big for the BCCA' fundraising campaign, designed to increase awareness and raise critical funds to operate Belmont Park's Anna House and Saratoga's Faith House. The mission of the BCCA is to provide a safe, supportive, and academically inspiring environment for the children of parents working in the Thoroughbred racing backstretch area located at New York's Belmont Park, Aqueduct Racetrack, and Saratoga Race Course. They are committed to promoting early childhood education, molding young minds, and encouraging the fulfillment of dreams. The program starts at 5 a.m. when backstretch workers begin their morning routines with the horses. Before the program existed, children were dropped off at illegal one room “day care” centers, or they were left in cars while their parents worked. In general, day care centers do not open this early and the lack of financial resources of these families left them with few options. Many of the children attending our program are from immigrant families earning below the poverty level. Since its opening in 2002, Anna House alone has educated over 1,000 students, several of which are now enrolled in colleges and universities. Click here for further information, or to make a donation. The post BCCA Kicks off Think Big Campaign appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions. View the full article
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