Secretary for Economy and Finance Lei Wai Nong:
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- The government expects to spend MOP 20 billion on measures to support the Macao economy, including increased spending on infrastructure projects.
- Spending is expected to increase to MOP 27 billion after including the annual “wealth-sharing” handouts that the government will start distributing to citizens in April 2020.
- The government has MOP 560 billion in financial reserves.
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- Profit tax deductions of up to MOP 300,000 for the 2019 financial year, benefiting 2,970 Macao companies.
- 70% rebate on 2018 personal income taxes, with a maximum rebate of MOP 20,000 — benefitting 170,000 employees.
- The standard 25% deduction on taxable income granted under Macao’s Professional Tax Law will be increased to 30% in 2020, benefitting 180,000 employees.
- Residential households are exempt from paying 2019 property taxes, covering 180,000 households.
- 25% property tax reduction on commercial units, covering 25,000 commercial premises.
- 6-month exemption from paying the 5% tourism tax, benefitting hotels, bars, gyms, karaoke bars and similar businesses (854 businesses).
- “Special” interest-free loans of up to MOP 600,000 for local SMEs that have been operating for less than two years, to be repaid within 8 years.
- Annual health vouchers (MOP 600 per person) for permanent residents will be given out twice this year instead of the customary annual one-time vouchers.
- Government will fully subsidise all residential households’ water and electricity bills for 3 months.
- An additional two months of financial assistance will be provided to disadvantaged families assisted by the Social Welfare Bureau.
- MOP 3,000 consumption e-vouchers to be issued to each local resident after the epidemic has eased in order to boost local consumption and benefit SMEs in various sectors. These consumption e-vouchers will be in the form of MacauPass cards. Holders must use them within 3 months and are limited to spending up to MOP 300 per day. The scheme is applicable to businesses such as restaurants, retail outlets and department stores and the government expects to spend MOP 2.2 billion on this scheme.
PHOTO © António Sanmarful
