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Doubling of betting tax no panacea so HRI needs to spend extra funding wisely
Horse Racing Ireland has long fought for a doubling of the existing one per cent rate of betting tax but it would be naive to think that its triumph in that quest will prove a panacea of any sort.
The government’s decision to raise the rate levied on turnover to two per cent from January 1 was on Tuesday presented by the finance minister Pascal Donohoe as a simple method of turning the €52.2 million generated in revenue in 2017 into €104m when it kicks in for a full year in 2020.
The chances are it won’t be quite such a straightforward fait accompli.
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