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Gaming tax increases 7.7 pct in January

The government’s revenue from the gaming sector accounted for 80 pct of the total in the month

The MSAR government received revenue of MOP7.26 billion (US$907.3 million) from gaming taxes in the first month of the year, which represents an increase of 7.7 per cent from the same month of 2016, according to the latest updates of the central account by the Financial Services Bureau (DSF).
During the month, the revenue from gaming taxes accounted for 80.6 per cent of the total revenue of the government – excluding those of autonomous bodies – amounting to nearly MOP9 billion, a growth of 6 per cent year-of-year.
Total direct tax revenue rose by 7.5 per cent year-on-year to MOP7.95 billion. Apart from the growth in revenue from gaming taxes, revenue generated from other sectors also jumped by 6.2 per cent year-on-year to MOP691 million.
In addition, indirect tax revenue surged by 36.6 per cent year-on-year to MOP313.5 million for the month.
However, revenue from fees, fines and other penalties slumped by 42.1 per cent year-on-year to MOP111.2 million, while total capital revenue plummeted by 91.9 per cent year-on-year to some MOP6.8 million.
While the government’s 2016 annual central account has not yet been released, the government – excluding all autonomous bodies – has estimated it will generate a total of MOP90.9 billion in revenue for 2017, and has allocated a total of MOP85.3 billion worth of expenses.
During the month, government departments spent a total of MOP2.62 billion, which only accounted for 3.1 per cent of the yearly budget, in addition to being a decrease of 28.9 per cent year-on-year.
In particular, current expenditure of the government slumped by 29 per cent year-on-year to MOP2.6 billion, but capital expenditure – primarily investments – surged to MOP3.4 million, up from only some MOP40,000 one year ago.
Nevertheless, the account shows the government did not make any payments to the city’s investment plan (PIDDA) in the month, while it transferred a total of MOP1.13 billion to the city’s Social Security Fund.
The fiscal surplus of the central account reached MOP6.38 billion for the first month of the year, a notable increase of 32.7 per cent year-on-year. The amount has already surpassed the government’s annual surplus target of MOP5.57 billion from the central account by 14.7 per cent.