Proposed amendment to gambling regulations would deprive Phumelela Gaming & Leisure of the 3% betting tax gain it derives from punters’ winnings
Horseracing at Turffontein. Picture: Russell Roberts. Financial Mail.
In January, a member of Gauteng’s executive council published proposed changes to the province’s gambling regulations, including a proposal that would deprive Phumelela of the 3% betting tax gain it derives from punters’ winnings.Phumelela said it had submitted detailed representations regarding the proposed amendments, supported by an economic impact report.
“If the amendment is implemented and Phumelela is deprived of the betting tax, it will have a material adverse effect on Phumelela and on racing in general,” the group said.The company had been advised to apply to the high court to have the betting tax amendment reviewed and set aside if implemented, “on the basis that it is irrational, unreasonable and unconstitutional”.
The group canned its interim dividend “in the interests of conserving cash and with a view to future capital commitments”.“The difficulties we faced in the 2018 financial year continued, with political turbulence, labour unrest, criminality, a stagnant economy, low business and consumer confidence, increasing unemployment, higher tax, inflationary administered prices, all a daily fact of business life,” Phumelela said.
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