Word: taxed
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...financial blow felt by the entire city. It's no secret that Hong Kong, a city of 6.8 million, is full of avid gamblers. The $8.3 billion they bet on the ponies last year was only slightly less than the horse-racing wagers of France. A gambling tax in Hong Kong contributes significantly to government coffers. The HKJC is the city's largest single taxpayer, accounting for 11.5% of total tax revenue last year. A nonprofit that gives away its surplus as charity, the club has been one of Hong Kong's most munificent benefactors, with its donations funding schools...
...immediate financial distress, Wong, 65, says that if racing revenues fall to $6.4 billion?not unrealistic at the current rate of descent?charitable contributions will have to stop. To keep that from happening, the club is calling on the government to?of course!?reduce the gambling tax. On average, 13.5% of every bet is skimmed off by the taxman. Wong, a Michigan State University engineering graduate who worked for 30 years at Ford Motor Co. before becoming jockey-club CEO in 1996, says that rate is among the highest on horse racing in the world?so high, Wong maintains, that...
...tax-relief suggestion comes at a time when the government is trying to rein in a budget deficit that amounted to 3.3% of GDP last year. Although the fiscal outlook has improved lately due to a pickup in the local economy, many officials and politicians say a sweeping overhaul of Hong Kong's tax system, such as introduction of a sales tax, is needed?making it harder to sell a reform that looks like tax relief for gamblers. In September, Financial Secretary Henry Tang said he might consider the reduction if it could be clearly demonstrated that tax revenues would...
...FREED. ASIF ALI ZARDARI, 52, husband of former Pakistani Prime Minister Benazir Bhutto; by the Supreme Court, on $17,000 bail; in Islamabad. Zardari, jailed in 1996 when his wife's government was removed from power, faced up to 22 charges, including tax evasion and conspiracy in the murder of Bhutto's brother, Mir Murtaza. He was acquitted of 14 charges and granted bail on seven when the final case ended last week...
...also facing renewed Kremlin control of oil-and-gas production. After a period of privatization and deregulation in the 1990s, the pendulum has swung the other way. That doesn't mean the central government wants to nationalize all energy assets, but it has put an end to generous tax breaks and has introduced other limitations on the private sector, particularly foreign companies. Under the terms of the Conoco deal, for example, the American company can raise its stake in Lukoil - but only to a ceiling of 20%, less than the 25% it needs to be able to block strategic company...