The New Democratic Party's proposal to increase the football betting tax in the "Budget" earlier caused the Hong Kong Jockey Club to refute that the party does not understand the business of the Jockey Club, saying that the increase in tax rates may affect donations.
He Jingkang, member of the Legislative Council of the New Democratic Party, raised an oral question on the gaming tax today (15th).
The Secretary for Financial Affairs and the Treasury, Xu Zhengyu, responded that in order to ensure the sustainability of the government's finances, it will study different measures to increase government revenue without affecting people's livelihood and maintaining low tax rates.
Guan Haoming, a member of the Legislative Council of the Election Committee who is concerned about social welfare policies, pointed out that the Jockey Club is one of the largest charitable organizations in Hong Kong. It donated a total of 6.6 billion yuan last year. He is worried that an increase in the gaming tax of the Jockey Club will affect charities. financial situation.
Election Committee Jie Wu Jiezhuang also pointed out that the situation of illegal gambling in the periphery has increased, and asked whether the authorities will increase the number of gaming licenses and types.
Xu Zhengyu emphasized that the government does not encourage gambling, but there is such a demand in the society, so it responds to the needs of the public under limited and regulated conditions.
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Respond to public needs while avoiding illegal gambling
Regarding He Jingkang's oral question, Xu Zhengyu emphasized that the government does not encourage gambling, but there is a demand in the society, so it responds to the needs of the public under limited and regulated conditions, and avoids illegal gambling in society.
As for tax adjustments to increase government revenue, Xu Zhengyu said that without affecting people's livelihood and maintaining low tax rates, the government will study different measures to increase revenue, including adjusting tax rates.
He continued that the authorities will carefully consider the proposal to adjust the football betting tax in light of the government's financial situation, Hong Kong's economic environment and the impact on all social sectors.
He Jingkang asked that the 2022 Jockey Club annual report shows that the Jockey Club's reserve funds, charitable trust funds, and investment funds have a total balance of 113.5 billion yuan. How will the Hong Kong government supervise the huge usable assets held by the Jockey Club?
Xu Zhengyu pointed out that the Jockey Club is an independent private organization. The government issued a license to the Jockey Club to supervise gaming activities, but it did not involve asset monitoring. He said bluntly: "I know that the public has proposed to increase gaming taxes to increase income, and the Jockey Club has responded to everything, but the government We need to consider many aspects and act cautiously.”
If the tax increase will affect the operation of charities
There are also Members who have reservations about the increase in gaming duty.
Construction, Surveying, Urban Planning and Park Boundary Councilor Xie Weiquan bluntly said: "Gambling is to maintain their (citizens) lives...spiritual food, various social policies, is it a timely measure to consider tax increases?" In addition, Guan Haoming also Concerned about the financial situation of local charities after the increase in gaming tax.
Many charitable organizations receive funding from the Jockey Club.
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Wu Jiezhuang from the election committee also noticed that "there are more and more peripheral sports gambling games". It is reported that 550,000 people participated in illegal peripheral betting last year, involving more than 14 billion yuan in profits. He asked whether the authorities will open more types of gambling, such as Basketball, Formula One, etc., to reduce peripheral gambling and increase Hong Kong government tax revenue.
Liang Hong, deputy director of the Home Affairs and Youth Affairs Bureau, responded that if the gambling project has huge and continuous demand, and the relevant demand continues to be met through illegal means, even if a lot of resources are invested to strengthen law enforcement, the problem may not be effectively and satisfactorily resolved. If the proposal to regulate such activities is supported by the society, the authorities will consider increasing the types of legal gambling.
However, he pointed out that according to the information obtained by the authorities and after communicating with the police, there is no need to increase the types of legal gambling sports at present, and the authorities will pay close attention to it.
The New Democratic Party advocates increasing the football betting tax. The Jockey Club approves it. I don’t understand it: I fear it will affect donations and can no longer contribute to the society. I don’t understand the proposal. Adding betting tax to RMB 3,000 and RMB 5,000 to RMB 10,000 at the grassroots level does not help much. Liu Ye strongly supports the increase in football betting tax: "Do you want to buy Chelsea?" The Jockey Club has sufficient reserves
