Tax Reduction Allocations Revised
Published: July 28, 2014 2:41 pm ET
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On Monday, July 28, the Ontario Racing Commission announced the approval of revised allocations of the Pari-Mutuel Tax Reduction (PMTR) to support and encourage the horse racing industry in Ontario.
A release by the ORC on the subject states that the announced reduction is in keeping with the ORC’s mandate to implement the components of the five-year Horse Racing Partnership Plan (HRPP), as approved by the Ontario government.
The release states that as a result of the approval by the Board of the Ontario Horse Racing Industry Association and the subsequent approval by the Board of the ORC, a new structure setting out the allocation of funds from the Pari-Mutuel Tax Reduction will be implemented with the effective date retroactive to April 1, 2014.
The ORC has stated via its Notice to Industry, ORC licensed racetracks will be required to direct funds as prescribed below.
The ORC concluded its release by stating that it will work with affected industry stakeholders to account for amounts paid since April 1, 2014 pursuant to the prior allocation to ensure compliance with these revised rates.
(With files from the ORC)