Hong Kong Jockey Club‘s football betting earnings will be taxed an additional HK$12 billion ($1.53 billion) over the next five years, as the city’s lawmakers passed a bill on Wednesday.
Hong Kong’s Financial Secretary Paul Chan announced plans in his budget this year to impose a HK$2.4 billion ($306 million) annual levy on the Jockey Club to improve the government’s fiscal situation.
Hong Kong Jockey Club stated earlier that the HKJC Charities Trust donated HK$6.6 billion ($843 million) in 2021-22, HK$1.4 billion ($1.8 billion) of which was designated for pandemic control.
Hong Kong Jockey Club monopolizes the betting industry in the city, with the earnings going to charity.
Hong Kong’s Secretary for Financial Services and the Treasury said in a statement that the club would not cut its commitment to local charities as a result of the new levy of HK$2.4 billion ($306 million) a year.
HKJC had tried to persuade the government when the budget was out, saying its horse-racing duty rates were already among the “highest in the world,” at 72 to 75 percent.
