Peters promises to fix racing industry

New Zealand First leader Winston Peters is promising to fix the racing industry's "desperate need" to become internationally competitive.

He said its exports were worth more than $100 million a year and the industry employed tens of thousands of people.

"What is desperately needed is a wise and sympathetic policy found in other horse breeding nations, particularly Ireland," Mr Peters said when he announced NZ First's racing policy.

"This is an industry that has long failed to reach its potential because of a lack of action from successive governments only too happy to take tax without proper regard for the international circumstances in which it was earned."

He said NZ First would:

* improve the depreciation regime for stallions and broodmares;

* create a tax advantage for on-course betting;

* amend "patently unfair" tax regulations by putting all gaming on the same footing.

- NZPA

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