The Victorian government has slashed its estimated tax revenue from racing and sports betting in the current and upcoming financial years by $53 million in a forecast which could have a significant impact on the local racing industry.
A new Point Of Consumption Tax regime begins in Victoria on July 1, with the rate to rise from 10 to 15 per cent. That prompted the state government to initially increase its projected annual revenue from $303 million to $462 million in last year’s forward estimates.
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