National pledges to support racing sector
WELLINGTON: The National Party is promising a raft of proposals to support the racing industry, if elected, including a review of how parts of the industry are taxed.
Leader Judith Collins made the announcement while visiting the Hawke’s Bay Racing Centre in Hastings on Saturday.
Ms Collins said the racing industry employed more than 15,000 people directly and supported close to 60,000 indirect jobs.
‘‘Racing contributes in excess of $1.6 billion a year to our economy and will be an important part of rebuilding our economy,’’ she said.
National is promising to repeal the Resource Management Act and replace it with legislation that enables better utilisation of existing racing assets and to support the industry to upgrade the country’s racing infrastructure.
The party has already proposed a primary sector visa, but it also wants to include the racing industry to enable access to international jockeys, stallion managers, stud staff and other industry personnel.
It is also promising to conduct a review of the tax treatment and depreciation rules around
❛ Racing . . . will be
an important part of rebuilding our economy
bloodstock and the racing sector to ensure they are fit for purpose.
This review will specifically consider:
■ Making the first three years of a new stallion’s servicing fees tax exempt, to encourage investment in new, highquality stallions.
■ Options around the carryover of expenses of fillies as they enter the breeding industry.
■ Consistent treatment of proportionate shareholdings so owners can claim the individual share of GST and depreciation expenses.
The party would partner with the TAB, New Zealand On Air and the sector to explore options to promote New Zealand racing and breeding and restart Trackside Radio.
National’s racing spokesman Ian McKelvie said there was no reason why New Zealand’s racing industry could not compete internationally and be recognised as world class.
‘‘We have the best breeders, the best trainers, the best strappers, the best jockeys and the best supporters in the world.
‘‘We want to ensure they’re operating in an industry that can set them up for success on the world stage,’’ he said. — RNZ