The amount collected by the Macau SAR government in gaming taxes between January and April has decreased by 48 per cent year-on-year to about MOP20.5 billion (US$2.5 billion), data provided by the Financial Services Bureau (DSF) today (Tuesday) revealed.
With gross gaming revenues dropping 68.7 per cent year-on-year to some MOP31 billion, local authorities have revised the estimates for the total in gaming taxes to be collected this year from MOP98.3 billion to almost MOP50 billion.
The government collects a 35 per cent tax on gaming revenues, but with extra levies bringing the effective tax rate to 39 per cent.
Meanwhile, revenues collected by the local government between January and April went down 45 per cent year-on-year to some MOP23.9 billion.
On the other hand, government expenses ballooned by 42 per cent year-on-year in the first four months of this year to some MOP23.3 billion, with expenses for transfer, funding and subsidies – which had to be increased to boost the local economy – representing 69 per cent of total expenses.
The Macau SAR has allocated more than MOP50 billion to balance the 2020 budget and for policies to alleviate the economic impact of the Covid-19 pandemic, with expected total government expenses for this year having been revised up by 10 per cent to MOP114.6 billion.