Chief Stipe Posted August 14, 2019 Share Posted August 14, 2019 Winston Peters went to war with Treasury to secure the repeal of a tax on the racing industry. Peters, the Racing Minister, was able to scrap the betting levy, a 4 per cent tax on betting profits as part of 2019's Wellbeing Budget. Treasury pushed back firmly on the idea, saying it was concerned an analysis of the "wellbeing impacts" of scrapping the tax did not "acknowledge the potential for increased gambling harm if the racing industry grows and gambling winnings increase". It was also concerned that getting rid of the tax would create "significant" cost and could lead to other taxes on the gambling industry being repealed. But it appears Treasury was overruled, with a paper noting Peters was "firm in his views on repealing the levy" and proposing a compromise, which was also rejected. Peters announced the repeal of the levy in May when opening the New Zealand Bloodstock Karaka May Sale in Auckland. He said it would allow the industry to compete on a level playing field with countries like Australia. "For this reason the Government will repeal the current betting levy that is taken from racing and sporting gambling profits," Peters said. "By repealing the levy, this money will no longer flow to the Crown – it will instead be retained by the racing industry for the development of the racing industry," he said. Peters also said that part of the money that would be saved by axing the levy would be set aside for initiatives that would reduce harm from gambling. Peters has a long history of opposing the levy. In 2006, when Peters was Racing Minister under Helen Clark, he was able to negotiate a reduction in the levy from 20 per cent to just 4 per cent - again saying the reduction would revitalise the racing industry. Treasury advised the Government that the benefits of that earlier reduction were unclear, having not been "evaluated or outlined". Every budget, Treasury produces screeds of documents analysing the financial implications of Ministers' bids for Government funding or tax cuts. This year those documents also included details about the wellbeing implications of ministers' policies, as part of the Government's shift towards Wellbeing Budgets. It's not uncommon for Ministers to disagree with Treasury's advice if they themselves hold a strong view that a policy should go ahead. It appears the main concerns with scrapping the levy were financial. In 2018, it netted $15 million of revenue for the Crown. Scrapping the levy would work out to be a $60 million cost over four years, which is the standard amount of time Government budgets allocate funding for. But there were concerns the cost would be much higher if other players in the gambling sector eye a repeal of taxes on their own businesses. Treasury feared similar taxes on gaming machines and casinos could also be repealed or reduced. The Government made $312 million from these taxes last year - repealing the taxes would cost $1.2 billion over the four-year period covered by the budget. But Peters made his views clear to Treasury, which said that it "understood the Minister for Racing is firm in his views on repealing the levy". It proposed a compromise: reducing, halving the tax from 4 per cent of gambling profits to just 2 per cent. But Peters rejected this as well. The final policy is to phase out the tax entirely over the next three years. Peters was unavailable for comment. Quote Link to comment Share on other sites More sharing options...
Thomass Posted August 14, 2019 Share Posted August 14, 2019 Damn good work Winn ..and what did your fellow Righteous Right Knats do Chef? Just laid back and watched Sir Righteous Donkey DO NOTHING... 1 Quote Link to comment Share on other sites More sharing options...
Kopia Posted August 15, 2019 Share Posted August 15, 2019 Peters should grab whatever he can on behalf of the Racing Industry in this country.. In less than 2 years this coalition of losers has managed to completely fuck a particuarly bouyant economy it was gifted by Peters when he chose the dragon wimmen as his nominated 'leader'...instead of a steady as she goes National govt, which as we know, had actually received the majority of votes in the election, and would have carried on ' making this Country great' ( love your work Donald!) Remember the night when Peters announced taxi as his 'annointed one'? He also said he predicted financial problems ahead-maybe we should have realised he was going to be part of a coalition bunch of dickheads that actually caused it! So now we have the 'perfect storm'. Looks like World economies are heading for turmoil, sharemarkets crashing, some Countries which have only recently clawed their way out of the shit-now heading back to the shit. An economy locally which is being trashed courtesy of a bunch of losers, a World economy on the way to chaos, and a Prime Minister who is clearly more adapt at posing for cameras and being a tourist than being a constructive politician. A Trifecta the racing industry here can do without. Whatever the 'big' announcement the Wink is apparently making on Saturday at Te Rapa better be feckin' good! 3 1 1 2 Quote Link to comment Share on other sites More sharing options...
Dark Beau Posted August 15, 2019 Share Posted August 15, 2019 (edited) The NZ unemployment level at 3.9% is the lowest since Labour was last in Government. Donkey spread the BS along with his mates like Ohoka, Kopia and Shortstuff but facts don’t lie. If only the people in charge of the Racing Board could achieve what the current government and Winston has. ? Edited August 15, 2019 by Dark Beau 2 Quote Link to comment Share on other sites More sharing options...
Thomass Posted August 15, 2019 Share Posted August 15, 2019 22 hours ago, Kopia said: Peters should grab whatever he can on behalf of the Racing Industry in this country.. In less than 2 years this coalition of losers has managed to completely fuck a particuarly bouyant economy it was gifted by Peters when he chose the dragon wimmen as his nominated 'leader'...instead of a steady as she goes National govt, which as we know, had actually received the majority of votes in the election, and would have carried on ' making this Country great' ( love your work Donald!) Remember the night when Peters announced taxi as his 'annointed one'? He also said he predicted financial problems ahead-maybe we should have realised he was going to be part of a coalition bunch of dickheads that actually caused it! So now we have the 'perfect storm'. Looks like World economies are heading for turmoil, sharemarkets crashing, some Countries which have only recently clawed their way out of the shit-now heading back to the shit. An economy locally which is being trashed courtesy of a bunch of losers, a World economy on the way to chaos, and a Prime Minister who is clearly more adapt at posing for cameras and being a tourist than being a constructive politician. A Trifecta the racing industry here can do without. Whatever the 'big' announcement the Wink is apparently making on Saturday at Te Rapa better be feckin' good! I'm relly relly worried about you koppa.... ...first of all you obviously haven't taken my advice about a trip the old Yogi's Yoga ashram temple in Amritsar... to chill.. ...it's more like you took a p pill...and it just keeps leaking out... How did we know you'd be a Trump devotee though... ..at least you've admitted it and its the first step towards recovery... ...Im worried about the first 24 hour Walmart opening here for you however.. ...all yous fellas congregate there...on your mobility scooters...talking smack and eating shit...or is it talking shit and eating smack? Whatever you're on...I don't want any...ok? 1 Quote Link to comment Share on other sites More sharing options...
Freda Posted August 15, 2019 Share Posted August 15, 2019 (edited) IF we get the 4% returned - let's hope WE don't piss it up against the wall like we did with the last levy reduction. Edited August 15, 2019 by Freda sp Quote Link to comment Share on other sites More sharing options...
Kopia Posted August 15, 2019 Share Posted August 15, 2019 49 minutes ago, Thomass said: I'm relly relly worried about you koppa.... ...first of all you obviously haven't taken my advice about a trip the old Yogi's Yoga ashram temple in Amritsar... to chill.. ...it's more like you took a p pill...and it just keeps leaking out... How did we know you'd be a Trump devotee though... ..at least you've admitted it and its the first step towards recovery... ...Im worried about the first 24 hour Walmart opening here for you however.. ...all yous fellas congregate there...on your mobility scooters...talking smack and eating shit...or is it talking shit and eating smack? Whatever you're on...I don't want any...ok? Well thanks for that old chap. However one decision I HAVE made is-whatever your'e on, whatever it is that makes you talk such rubbish, politically, socially, in racing, economics etc etc...I'm not touching it.? If your friends in the Greens do succeed in decriminalising any brain damaging substances...do one thing for us all Tommo? BE FIRST IN LINE. hehe. Can't get too much worse for you. 1 Quote Link to comment Share on other sites More sharing options...
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