Date
25 September 2017
Macau permanent residents will each get a handout of 9,000 patacas next year. Photo: Bloomberg
Macau permanent residents will each get a handout of 9,000 patacas next year. Photo: Bloomberg

Macau unveils tax cuts but no increase in cash handout for 2015

Macau has unveiled plans for a cash handout and tax cuts for 2015, Ming Pao Daily reported Wednesday.

Each permanent resident will get 9,000 patacas (US$1,126) in cash, the same as this year.

Macau Chief Executive Fernando Chui Sai-on also announced eligible residents will receive 7,000 patacas each in their provident funds. Non-permanent residents will receive 5,400 patacas each in theirs.

The government said it will cut employment taxes, business taxes and stamp duties, and restaurants will be exempted from travel tax.

Chui said the tax changes aim to ease the inflationary pressures on residents and small and medium-sized enterprises.

Lawmaker Au Kam-san was quoted as saying that the fiscal budget contains no surprises. He noted that the government will not be raising the cash handout to 12,000 patacas as demanded by residents.

Analysts said the lack of an increase in the cash sweetener had been expected, as business at Macau’s casinos, which contribute a large share of the city government’s fiscal revenue, has suffered from the mainland’s anti-corruption campaign.

– Contact us at [email protected]

KZ/AC/FL

EJI Weekly Newsletter

Please click here to unsubscribe