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Gambling taxes now account for nearly 78 percent of Macau's government revenue

The Macau government reportedly brought in $9.11 billion in gambling taxes in the first 11 months, accounting for about 77.8% of total revenue.

 

According to a report by the Macau Business Daily newspaper, citing official data from the Financial Services Bureau, imports brought in from January to the end of November fell 7.4% year-on-year, while total government revenues, excluding municipal revenues, fell 8.9% to $11.72 billion during the period.

 

The Macau government's other direct taxes fell 7.9% year-on-year to $1.02 billion, while indirect taxes fell 10.7% to $4257.77 million, the newspaper said.

In addition, Macau Business saw total capital income, including capital and financial asset sales and undeducted repayments from payments, decline 3.3% year-on-year to $120.86 million.

 

The newspaper also said the city's general fiscal surplus totaled $3.71 billion over the 11-month period, nine times the budget surplus at the beginning of the year, but represented a sharp drop of about 26.8% year-on-year.

 

The Macau Economic Daily reported that spending rose 2.8% year-on-year to $8.01 billion, with current-account spending now accounting for 96.1% of the total, or about $7.48 billion, up 3.2%.

 

However, capital expenditures fell 1.8% year-over-year to $525.91 million, and public investment plan allocations rose 9% to $475.81 million, accounting for 34% of the current approved budget.

 

In the 11-month period, the Macau government finally transferred $1.87 billion to the Social Security Fund, down 4.5% over the same period, the newspaper reported.

 

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