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NZ Zero-Rating Decision On Exported Bloodstock
Meanwhile NZ Racing Minister Winston Peters & NZ Thoroughbred Racing chairman Guy Sargent "welcomed the Commissioner Of Revenue's decision to permit racehorses sold for export to remain in NZ for up to 24 months without attracting GST". (Usually goods sold for export are GST-exempt provided they are exported within 28 days.) The Commissioner's decision doubles the racing industry's current GST-exemption of 12 months & Sargent declared: "This is terrific for our industry. Basically this will mean more yearlings sold overseas will remain in NZ for up to 2 years after they are sold, instead of the current 1 year, which is good for employment in racing & revenue for our stud farms & trainers, who agist young horses."