8   Betting tax on commission on totalizator betting

(1)  Betting tax is payable by a totalizator licensee on the commission deducted (under section 69 of the Totalizator Act 1997) from the total amount invested in each totalizator conducted by the licensee.

(2)  The tax payable is:

(a)  19.11 per cent of the total amount so deducted each day on which the totalizator licensee conducts a totalizator on one or more events or contingencies, or

(b)  any lower percentage of that amount that the Governor may declare, on the recommendation of the Minister, by order published in the Gazette.

(3)  The tax is payable by the totalizator licensee conducting the relevant totalizator.

(4)  The tax is payable within 7 days after the day in respect of which the tax is payable.

(5)  A tax is not payable under this section on any amount that is applied by the totalizator licensee in rounding up an amount calculated as dividend.