Hong Kong Regulations

BETTING DUTY REGULATIONS - REGULATION 3AA

Submission of returns in respect of betting on horse races

Due to technical constraints, regulation 3AA of these regulations is placed
after regulation 3A in the BLIS system. The correct sequence of the
regulations should be "3AA, 3A".

(1) A horse race betting conductor shall, within 3 months after the end of
each charging period, submit to the Collector a return, in the specified form,
setting out the net stake receipts that were derived from the conduct of
authorized betting on horse races by the conductor in respect of that charging
period.

(2) The return shall be accompanied by—

   (a)  a financial statement, in the specified form, that—

        (i)    shows how the net stake receipts set out in the return have
               been arrived at; and

        (ii)   is audited by a qualified person; and

   (b)  an audit report prepared by the qualified person.

(3) If the return sets out the net stake receipts in respect of a wholly or
partially relevant charging period, it shall also be accompanied by—

   (a)  a financial statement, in the specified form, that—

        (i)    shows the guaranteed amount for that charging period; and

        (ii)   is audited by a qualified person;

   (b)  a statement, in the specified form, that—

        (i)    shows— (A) the shortfall of race meetings for that charging
               period; and (B) the number of relevant cancelled race meetings
               for that charging period;

        (ii)   contains, for each of those relevant cancelled race meetings,
               such information as specified by the Collector for ascertaining
               whether the guaranteed amount shown in the financial statement
               has been correctly calculated; and

        (iii)  is audited by a qualified person; and

   (c)  an audit report prepared by the qualified person.

(4) In an audit report referred to in subsection (2) or (3), the
qualified person shall state whether, in the opinion of the qualified  person
and in relation to that charging period, the following statements are true—

   (a)  the conductor has kept records in accordance with the Ordinance; and

   (b)  the financial statement, and statement, have been prepared in
        accordance with those records and the Ordinance.

(5) If the guaranteed amount set out in a financial statement under subsection
(3)(a) is calculated by using the mathematical formula set out in section
6GG(2) of the Ordinance, the horse race betting conductor shall, within the
period specified by the Collector, supply to the Collector such further
information as required by the Collector for ascertaining whether that
guaranteed amount has been correctly calculated.

(6) A horse race betting conductor that, without reasonable excuse,
contravenes this regulation commits an offence and is liable to a fine at
level 3.

(17 of 2006 s. 23)