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NZTBA welcomes new Minister's commitment

Winston Peters, the new Minister for Racing

Winston Peters, the new Minister for Racing
Statements made by Winston Peters, the new Minister for Racing, in today's New Zealand Herald have been warmly welcomed by the NZTBA.

In an interview with Mike Dillon, Mr Peters says that New Zealand First's demands for the racing industry had been agreed to during his party's negotiations with the Labour Party in the past two weeks. The five points in New Zealand First's racing policy which will be implemented next year are:

*Remedy the anomaly in gaming legislation by putting gaming on the same foot.

*Implement an improved depreciation regime for stallions (write-down over two years) and broodmares (including provision to fully depreciate a mare 12 years or older in the year of purchase)

*Provide a tax advantage for on-course betting

*Review the Racing Act 2003 and clarify governance and management roles.

*Provide interim measures in conjunction with the Racing Board to ensure a smooth transition to the amended taxation regime.

In addition, Mr Peters would like to reduce the tax on on-course betting, to help attract people back to racecourses.

The full article can be read here:
Peters gets go-ahead for $30m package

Peter Francis, President of the New Zealand Thoroughbred Breeders' Association, responded quickly to Mr Peters' statements.

"This is the best news in fifteen years for our members and other industry investors and participants."

"Thoroughbred industry investment in New Zealand has declined dramatically because the economics of breeding and racing horses haven't made sense for owners and breeders. These policy changes will go a long way towards reviving and growing an important New Zealand industry. We can now begin working with real purpose towards increasing employment opportunities for young New Zealanders, raising our level of exports and encouraging industry participation in every region of the country."

"We already make a significant contribution to New Zealand's economic, community and cultural life. We can now look forward to contributing much, much more."

The watershed NZTBA Waikato political forum in June played a key role in articulating the industry's distress and demand for change, and winning broad political support for the Fair Tax platform.

- Susan Archer


 

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