The Macau government has once again exempted the gambling hub’s six casino concessionaires from paying complementary income tax on the profits of their gaming operations, according to local media reports.
The move was made official in an executive order published on Monday in the Official Gazette, which indicates that the measure is valid between January 1, 2023, and the end of 2027. The dispatch was signed by Macau’s Chief Executive, Ho Iat Seng.
The current gaming concessions, running for 10 years, also came into effect on January 1 last year. Macau operators are currently subject to a special tax amounting to around 40% of gross gaming revenue (GGR) under the latest concession system.
Each concessionaire also has to pay a fixed annual premium of MOP30 million ($3.72 million) to the local government. Additionally, each concessionaire will pay a variable annual premium defined by their gaming inventory, including MOP300,000 per VIP gaming table; MOP150,000 per mass-market gaming table; and MOP1,000 per gaming machine, including slot machines.
A special premium will be payable if the annual GGR generated from each gaming table and gaming machine is respectively below MOP7 million and MOP300,000.
Taxes on gambling activities accounted for 76% of the total current revenue collected by the government in the first eleven months of 2023, according to Macau Business.
Original article: https://www.yogonet.com/international/noticias/2024/02/07/70732-macau-govt-exempts-casino-concessionaires-from-paying-income-tax-on-gaming-profits
