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Gov’t income from gaming taxes dipped further in 2016

The total income earned by the gov’t last year also declined

The MSAR Government’s income from gaming taxes decreased slightly by 5.9 per cent year-on-year to MOP79.5 billion (US$9.9 billion) in 2016, the latest figures from the Financial Services Bureau (DSF) reveal.
Excluding those of autonomous bodies, revenue from gaming taxes last year accounted for 77.6 per cent of the total revenue of the government, which amounted to MOP102.4 billion.
When compared to MOP109.8 billion in 2015, the government saw a drop of 6.7 per cent in its total revenue last year.
The most up-to-date central account data from the DSF shows that all sectors of the government’s income decreased to different extents, with two areas – property income and other current revenue – registering the biggest year-on-year drops of 43.2 per cent and 79.8 per cent, respectively.
Capital revenue -which covers sales of capital assets, financial assets and reimbursements not deducted from payments – totalled MOP986 million, down 9.5 per cent year-on-year.
Within the scope of the MSAR Government’s principal tax revenue, property taxes and stamp duties (which includes special stamp duties), saw the most significant growth, with an increase of 30.3 per cent and 16.8 per cent, amounting to MOP996.2 million and MOP2.4 billion, respectively.
In contrast, tax revenue acquired from business registration taxes slumped by 63.7 per cent to MOP200,000 as compared to MOP400,000 in 2015.
There was also a significant decline in income generated from motor vehicle taxes, down 47.6 per cent year-on-year to MOP521 million.

Spending remained almost unchanged
Meanwhile, the government spent MOP80.73 billion last year, a slight year-on-year increase of 0.3 per cent, as indicated by the DSF.
Taking up the majority of the government’s expenditure – at 86.6 per cent – was current expenditure, which reached MOP69.9 billion, a slight increase of 1.6 per cent year-on-year.
Capital transfers under capital expenditure surged more than five-fold to MOP528 million, compared to MOP79 million in 2015.
The DSF data also disclosed that the MSAR Government had put 4.8 per cent less into its investment plan (PIDDA) to a total of MOP8.5 billion during the year.
Among all expenses, construction investment received the highest amount of capital from the government, at MOP2.7 billion, however this was still a decrease of 14 per cent year-on-year.
The fiscal surplus of the central account reached MOP21.7 billion, down 26 per cent when compared to MOP29.3 billion in 2015.