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GST increase on totalisator
bets
SINGAPORE, 26 December 2002 |
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With effect from 1 January 2003, Goods and
Services Tax (GST) will be increased to 4% on totalisator bets.
GST due to the Inland Revenue Authority of Singapore on totalisator bets will be computed in accordance with the GST (General) Regulations issued in conjunction with the GST Act. This GST will be borne by the betting public through a marginal reduction in totalisator dividends. The impact of the GST increase will be as follows: |
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With the additional deduction of a small
percentage for GST, the net pool available for dividends will be reduced
slightly from 81.47% to 81.3%. The totalisator betting duty and the Club’s
commission remain at 12% and 6% respectively.
The new net pool for dividends will be implemented with effect from the
Hong Kong Meeting on 1 January 2003.
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