Dec 18, 2020 Newsdesk Latest News, Macau, Top of the deck
The Macau government collected nearly MOP2.83 billion (US$354.6 million) in tax revenue from the city’s gaming industry in November. That figure was up 203 percent compared to October. November was also one of the best monthly performances in terms of gaming tax, since January, i.e., before the full effects of the Covid-19 pandemic were felt on the local industry, according to the latest data published by the city’s Financial Services Bureau.
Macau’s tax-take figures in a given calendar period, and the city’s casino gross gaming revenue (GGR) in such a time frame, are not directly comparable for a number of reasons. They include the fact that there is typically a delay between the point where GGR is recorded in Macau casino operations, and the point at which tax is registered by the Macau government as having been paid on such play.
The official budget data for the calendar year up to November 30, showed the Macau government collected nearly MOP27.2 billion in tax from the gaming industry in that time, down 73.9 percent from the prior-year period.
Aggregate Macau casino gross gaming revenue (GGR) for the eleven months to November 30 stood at MOP52.62 billion, a contraction of 80.5 percent year-on-year.
The government taxes the GGR of Macau casinos at a rate of 35 percent, but other levies on casino gaming gross raise the tax rate to 39 percent in effect. Other taxes on the Macau gambling sector include levies on the income of Chinese traditional lotteries, on horse racing, and on instant lotteries. There is also tax on commissions earned by operators of gambling junkets.
The Macau government now expects to collect nearly MOP29.46 billion in taxes from the city’s gaming industry for this year, according to its latest revision to the fiscal year 2020 budget plan, which was approved by the city’s Legislative Assembly earlier this month. Such forecast includes MOP26.29 billion in direct tax on the city’s GGR for 2020.
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