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MASSIVE TAX CONTRIBUTION FROM MACAU
21st February, 2011 at 02:57:47
China's gambling island delivered 62.3% more tax revenue in January 2011
According to data released by the Finance Services Bureau of the Macau Special Administrative Region, the gambling island off the coast of China generated a 62.3% increase in tax revenues in January 2011 over the comparative period in 2010.
Gaming taxes accounted for 85.9% of Macau's total receipts in January; the total revenue of the city rose 61.3% to 8.06 billion patacas ($1 billion), while its total expenditure jumped 225.3% to 1.71 billion patacas ($213 million).
The huge increase in expenditure was mostly due to higher transfer payments to the government's autonomous entities and the payment of so-called wealth-share handouts to residents last year, according to a report in the newspaper China Daily.
Land casinos (there are no online casinos in Macau) licensed in the region pay 35% of their gross revenues as direct tax to the government.
Related News Tags: China, Land Casinos
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