Minister for Agriculture Simon Coveney has said that he wants betting taxed doubled in order to fully fund the horse racing industry.
The Minister, whose department is responsible for overseeing the racing industry, has told the Sunday Business Post that he supports the doubling of the current 1 per cent tax on betting as recommended by the recent McCarthy report.
Fifteen years ago betting tax stood at 10 per cent but has been gradually reduced down to the current 1 per cent figure.
Currently the State pays a subsidy to the Horse and Greyhound Fund which would be replaced by the money collected by a tax increase.
The Government is also currently moving to put tax on online and phone banking at the same level as is currently the case when wagers are made within betting shops.
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