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.

Latest news

Accelerating currency drop of renminbi pressures Macau tourism market
_2025-01-07UN report reveals growing presence of organized crime in pacific islands casino projects
_2025-01-06Macau GGR to grow 8% in 2025, backed by increasing travel spending: Goldman Sachs
_2025-01-03The overnight disappearance of 8XBet: a brand shrouded in controversy
_2025-01-02Macau’s gaming industry on track for strong 2025 kickoff: Citigroup
_2025-01-02China's president urges Macau to continue diversification drive away from gaming
_2024-12-20

Open in new window
View settings