Racing: $2.5m licence to replace abused betting tax

Racing:
$2.5m licence to replace abused betting tax
*with AZAD ALI*
GOVERNMENT is considering a proposal by the Betting Levy Board (BLB) to impose a flat licence on racing pools to replace the present l0 per cent betting tax. The proposal was made during a recent meeting between the BLB and Trade and Industry Minister Ken Valley. The BLB is suggesting a $2.5 million licence fee for racing pools in Port of Spain, $1.5 million for San Juan, Curepe, Tunapuna, Arima and Central Trinidad and $1 million for San Fernando. A million dollar was suggested for South because there are four racing pools in operation. There are 14 racing pools operating in the country. The BLB is hoping to rake in about $19 million from this new licencing system which will be pumped back into the racing industry to turn around the fortunes of the dying sport. At present punters pay a 10 per cent tax on bets, which “bookies” hand over to the BLB. The BLB collects from the bookies between $12 and $14 million a year.	Happy connections lead in Invincibility, with jockey RICKY JADOO in the saddle after winning the Champagne Stakes on Easter Monday. They are Justice WENDELL KANGALOO (left) and turfite BERTRAM DOOKERAN. Justice WENDELL KANGALOO and trainer JACK DEBIDEEN collect the Republic Bank Trophy on behalf of owner JUNIOR SAMMY. Left is BERTRAM DOOKERAN with jockey RICKY JADOO at right.
There has been argument that the BLB has not been able to collect the true taxes from betting since certain bookies were not asking the big punters to pay the l0 per cent betting tax. If government accepts the proposal, bookies will have to pay $500 for a permit which is issued by the court and a licence of $2.5 million or $1.5 million to operate. But the government is saying consideration to that suggestion will only be entertained if all bookies agree to this flat licence fee. Officials of the BLB say that if the proposal is rejected, then government would have to put in place more stringent methods to collect the l0 per cent betting tax from bookies. Government will also have to pass legislation to give the BLB the teeth to collect the taxes. The BLB has hired inspectors to visit pools to ensure punters are paying the l0 per cent tax, but these officers do not have the power to inspect betting books at these private shops. The BLB is looking at collecting close to $20 million a year from both the bookies and the Arima Race Club (ARC). The ARC pays the BLB l0 per cent from betting.

___________________________________________________________________________________

Archives | Feedback | Friday Mirror Home | Sunday Mirror Home | Go Back