Macau gaming tax collection down 74% year-on-year
In the first ten months of 2020, authorities collected US$3bn.
Macau.- Macau’s Financial Services Bureau (DSF) has reported that in the first ten months of the year the gaming tax collection was only MOP24.3bn (US$3bn), 74 per cent less than in the same period in 2019.
The authorities were expecting around MOP50bn (US$6.25bn) for the period.
From January to October, gross gaming revenues dropped by 81.4 per cent year-on-year to MOP45.8 billion (US$5.73 billion). there was a slight recovery in October.
The tax for casinos in Macau is equal to 39 per cent of gaming revenue, and also includes a 35 per cent direct tax and other types of levies for social and welfare purposes.
Authorities have proposed an injection of MOP20 billion (US$2.5 billion) from local financial reserves to balance the budget.
The Legislative Assembly recently approved the 2021 government budget, in which authorities estimated the gaming sector will generate MOP130bn (US$16.2bn) in gross gaming revenues next year.
If so, about MOP45.5m (US$5.5bn) will be collected in gaming taxes.
