Hong Kong Betting Duty Reforms Approved
"According to the proposals, a single set of rates will progressively apply to gross profits with duty at 72.5 percent up to 11 billion HK dollars (US$142 million), increasing by half a percentage point for every 1 billion HK dollars up to 15 billion HK dollars, and at 75 percent for the amount exceeding 15 billion HK dollars.
"If the proposals were finally legalized, the betting duty will no longer be charged on betting turnover with the introduction of a single set of rates.
"Â…The club will be allowed to provide rebates to high-value bettors who lose money, to increase its competitiveness against illegal bookmakers while the regulatory regime of horse race betting will also be rationalized to bring it broadly in line with legal football betting and lotteriesÂ…"
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