The Victorian government is set to make changes to the Point of Consumption Tax in the state from the start of next financial year.
The Victorian government if voted in will increase the POCT tax for bookmakers from 8% to 10% from July 1st which will see Victorian Racing Industry see a rate increase.
“We welcomed the opportunity to contribute to the POCT review, the outcome of which is important both for the future of our industry and in addressing the sustained challenge by New South Wales on Victorian racing and its major events. The increase will assist the VRI in closing the gap with New South Wales racing in terms of the funding support it receives from government funding streams, ” RV chairman Brian Kruger said.
“The impending adjustments to the POCT arrangements are a vital step in helping ensure the sustainability of the VRI which supports over 34,000 full-time equivalent jobs and delivers more than $4.34 billion in economic activity annually to Victoria.
“This additional funding support will allow us to continue to invest for the benefit of our participants, our other stakeholders and for the overall future prosperity of the Victorian and Australian thoroughbred industries.
“We also remain focused on working with the Victorian Government to finalise the terms for the next Victorian Wagering Licence post 2024 and securing important ongoing funding outcomes for the industry.”
The racing industry in Victoria will see its gross share of POCT receipts increased from 1.5 per cent to 3.5 per cent which will see an increase of around $20 million per annum.
