HomeNewsHong KongHong Kong Jockey Club to pay extra 1.53 billion tax over football betting

Hong Kong Jockey Club to pay extra 1.53 billion tax over football betting


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.

Viviana Chan
Viviana Chanhttps://agbrief.com/
Viviana Chan is an editor, interpreter, and journalist. With over a decade of experience, she writes in English, Chinese, and Portuguese. Viviana started her career in Macau-based newspapers, where she became passionate about the region's social, financial, and cultural development. Her writing focuses on the economy, emerging industries, gaming development, political affairs, and cross cultural-exchange in the business and cultural domains. She is avid for news and eager to discover and cover stories that generate public relevance.