Macau takes 17 pct more in gaming taxes in 2018

In the eight months to August 31, the Macau government took €7.6 billion in gaming taxes, a 17% growth year-on-year.

Macau.- The Chinese territory of Macau is bound to become the richest place in the world thanks to its thriving gaming industry, which continues to fuel the area’s finances. Such success can be easily seen in the amount of money the government has taken in gaming taxes between January 1 and August 30, which grew 17% year-on-year to €7.6 billion.

The Financial Services Bureau showed the government collected its most up-to-date tax money in direct taxes on gaming as it reached €9.1 billion, 15.3% higher than the previous year. Gaming’s contribution comes from taxes on income from gaming and from Chinese lotteries, greyhound racing, horse racing and instant lotteries, and tax on commissions earned by promoters of gambling junkets.

The Macanese authorities tax the GGR of local casinos at 35%, which goes up to 39% considering other fees on the sector. Since Macau’s GGR amounted to €21.77 billion (17.5% up year-on-year), the authorities were able to collect a record amount of tax money.

According to the government, GGR for 2018 is expected to reach €24.78 billion for this year, an amount that will allow the government to collect a huge figure on gaming taxes. Thus far, it has already raked 86% of the €8.88 billion in taxes it had budgeted.