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Tabcorp notes NSW Government process to consider reforms to the NSW wagering tax regime,

Tabcorp Holdings Limited (Tabcorp) on Friday issued a statement noting the announcement by the New South Wales Government to establish a formal process to consider reforms to the NSW wagering tax regime, regulation and industry funding that if implemented would create a level playing field and modernise retail exclusivity, similar to recent reforms in Victoria and Queensland.

The statement said that this is a positive step towards ensuring the sustainability of the NSW Racing Industry.

It said that Tabcorp looks forward to working constructively with the NSW Government and the NSW Racing Industry during this process.

Note - NSW Gaming and Racing Minister David Harris said reforms could include changes to the point of consumption tax to align with other states that charge 20 per cent.  NSW currently charges a 15 per cent tax on gross profit from all bets made in NSW, including online bets.

Queensland and Victoria have made tax changes where all companies pay the same, with other states currently looking at the “level playing field” concept.

Mr Harris said any changes would ultimately be considered based on value for money, benefits to the NSW taxpayer and the ability to secure a sustainable future funding model for the NSW racing industry.

Mr Harris said the NSW racing industry generated billions of dollars for the NSW economy and sustained tens of thousands of jobs.

“This includes all those who make a living from it and participate in it. But we must be satisfied the proposal meets the interests of both the wider community and the racing industry and its stakeholders, before we consider implementing any elements of it,” he said. - additional reporting ThoroughbredNEWS News Desk
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