takeout tax

Does anyone know the takeout tax breakdown for tote and bookies in SAF racing as of current?

What do you mean Don? you talking about the 6%? sure it`s the same for both the Tote and the bookies?

Before the listing of Phumelela in 1996/7 the tax brackets per province differed

Tax takouts were structured as follows (1996):

Tote: tax takeout 23%, 77% dividend for punters (taxed on turnover)

Betting Tax 9%
14% residual - VAT, Jockey Club, TAB, HRDF, Facilities, Stakes

On-course Bookmakers: takeout 13%, 87% dividend for punters

Betting tax 3.5%
Race Club 2.5%
7% Gross Profit and expenses

Off-course Bookmakers: takeout 13%, 87% dividend for punters

Betting tax 5.5%
Race clubs 0.5%
7% gross profit and expenses

After listing and the change of operations - Phumelela and GC, how is the tax takeout structured now? And does GC receive funding from the Gov at all?

so both 6% then? these are obviously estimated figures for the bookies?

bookmakers tax on all winning punters bet is set at 6%.humelela/gold circle tax off the total pool per race or exotic is fixed win/place 18% all other bets are at between 20 to 25 % off the pool before a dividend is declared. both the bookmaker and the tote also pay vat of 14% on their winnings and of all the tax paid by boomakers 50% goes either to gold circle or phumela this amounts to approx R80 million per year.bookmakers today pay more tax to the provinces than the tote who are taxed at a 1% tax on turnover i believe.