The Gauteng province risks collapsing horse racing in South Africa with tax changes, says betting operator | BISouthAfrica
The JSE-listed Phumelela has told a court the Gauteng government is risking the horse-racing industry – across South Africa – with an 'unlawful' change to the tax regime.
The Gauteng provincial government is risking the collapse of the entire 100-year-old horse racing industry in South Africa, the JSE-listed Phumelela says in court papers. A 3% cut of all winnings in Gauteng were paid to Phumelela as part of a subsidy scheme set up after horse racing was privatised in the mid 1990s – until Monday. As of 1 April, that cut of the winnings go instead to the Gauteng Gambling Board, from where Phumelela believes it ends up in the province's coffers.
The Gauteng tax makes up some 90% of the tax subsidy Phumelela receives for the loss-making business of organising race meets. Without it, the company says, racing"may well be rendered economically unsustainable".
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