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Racing Queensland (RQ) looks forward to engaging with the State Government following the release of today’s budget papers confirming the introduction of a point of consumption tax on wagering.
The tax will be applied at a rate of 15% of net wagering revenue earned from bets placed by Queensland residents through betting operators licensed in Australia.
The decision to defer the introduction of the tax to 1 October 2018 provides an opportunity for RQ to further engage government on how the taxation revenue will best support QLD racing.
Racing Queensland CEO Brendan Parnell said “it’s encouraging to see the government is listening carefully to the issues raised by all industry stakeholders on how POC tax receipts on racing could be applied to sustain and grow racing.”
“We believe that a tax on racing should be used to fund racing, as a tax on sport should be used to fund sport. RQ looks forward to continuing to work with the Racing Minister and Treasurer on this critical issue.”