Macau’s Legislative Assembly Thursday approved the budget proposal for 2013, which includes expenditure of 82.57 billion patacas (US$10.321 billion) and a surplus of 52.23 billion patacas (US$6.528 billion).
The proposal presented by the government projects growth of 17 percent in overall revenues to 134.8 billion patacas (US$16.850 billion) and of 6.74 percent in expenditure to 82.57 billion patacas (US$10.321 billion).
Despite an expected rise in expenditure the government also expects significant growth in revenues – based on growth of taxes on gaming and gambling – despite a package of tax incentives and other benefits due to be introduced next year.
Current account revenues are expected to rise by 10.48 percent to 113.75 billion patacas, but most of the revenues come from direct taxes for which the government projects a rise of 9.3 percent to 99.48 billion patacas.
In direct gaming and gambling taxes alone – charged at a rate of 35 percent on gross casino revenues and included in direct taxes – the government expects revenues of 92.4 billion patacas, or 7.4 billion patacas more than projected for the whole of 2012. (macauhub)