Racing industry tax breaks confirmed

The racing industry has gained a reduction in gaming duty and a easier tax regime, Racing Minister Winston Peters announced today.

Totalisator duty will now be 4 per cent of gambling profits and a decrease in the write down period for stallions from four years to two years.

There will also be a decrease in the maximum write down for most broodmares from eight years to five years.

During the election campaign Mr Peters campaigned for the changes that were then estimated to cost around $30 million.

Officials were unable to say immediately what the cost to the Government of today's package would be.

But one indicated it was hoped that growth in the industry would mean an increase in the tax take, making the moves cost neutral.

- NZPA