PRESS RELEASE

(Source : Government Information Centre)

LC: Speech on second resolution made under Betting Duty Ordinance

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Following is the speech by the Secretary for Financial Services and the Treasury, Mr Frederick Ma, in moving the resolution made under section 3(4) of the Betting Duty Ordinance in the Legislative Council today (June 11):

Madam President,

I move that the second resolution standing in my name as set out on the agenda be passed. The resolution seeks to lower the percentage of payout for exotic horse racing bets from 76% to 75%, so as to implement the proposal to increase the duty on exotic horse racing bets by 1% put forward by the Financial Secretary in the Budget on March 5.

Subject to Members' approval of the resolution, the adjustment will take effect from August 1. Starting from the next horse racing season, payouts for exotic bets will be set in accordance with the new rate.

Madam President, with these remarks, I call upon Members to support the Government's resolution.

End/Wednesday, June 11, 2003

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