The current rate is set at 50% on net stake receipts, but the NPP proposal would increase this to 80%, which in turn would mean the HKJC would have to pay significantly more tax.
00bn (£2.
19bn) to HK$31.
00bn, while revenue would fall from HK15.
Any perturbation such as a tax increase, or simply the perception of such, could easily result in a disproportionate response, even if the tax increase is not immediately passed on to consumers directly.
"The change in demand triggered by a perceived price change in the wagering business would be substantial.
This, the HKJC said, is primarily because Hong Kong already has the highest betting duty rates in the world.
"It will create irreversible damage to Hong Kong by destroying the club's longstanding successful business model and Hong Kong's world status as a leading racing jurisdiction and will jeopardise the public interest of Hong Kong.
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