The legislation is the culmination of several years worth of studies and promises to increase tax revenues derived from the online gambling industry.
New Zealand Racing Minister David Bennett introduced the Racing Amendment Bill on Wednesday, though its something that’s been in the works since 2015.
If the bill passes into law, Kiwi punters will be the nexus of a proposed two percent tax, which would be based on the online gambling operator’s total turnover. Under the terms of the bill, operators would be required to submit their financial data to the Racing Ministry so that it can calculate the amount of taxes due.
The Racing Amendment Bill also includes a set of penalties for online gambling operators who do not adhere to its edicts. For individuals, failure to comply will result in fines of up to $ 20,000 NZ ($ 14,800 USD), while corporations would be liable for up to $ 50,000 NZ ($ 37,000 USD).
Besides introducing new taxes, the Racing Amendment Bill also introduced some new, legal gambling products for Kiwi punters. Should it pass, the bill would legalize in-play race wagering on events related to the end of a horse race (but not on events that take place during the race).
Industry analysts, including those at CalvinAyre.com, speculate that the New Zealand government’s interest in online gambling regulatory reform is based on an interest in preserving the overall health of the country’s domestic online gambling industry.
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