Tax revenues from gambling in Macau increased by 17%
The Macao government reported that in the first eight months of this year, tax deductions from the gambling business brought more than $8.78 billion to the treasury of the administrative district, which is 17% more than during the same period last year.
The latest data published by the Financial Services Bureau show that in the period from January to September, the government collected more than $8 billion from the current revenues of all gambling operators, which is 15.3% more than a year earlier. Direct taxes on gambling include taxes on income from games and Chinese lotteries, running and racing bets, instant lotteries, and taxes on commission earned by gambling promoters.
The government levies a tax of 35% of the gross income (GGR) from casinos in Macau, but other fees in the gaming sector provide an effective tax rate of 39%.
GGR in Macau amounted to $20 billion in the first eight months of this year, which is 17.5% more than a year earlier. This is evidenced by data provided by the Bureau of Inspection and Coordination of Gambling.
The government predicts that this year GGR will be $23 billion. The government budgeted revenues will be in the amount of almost 82.41 billion dollars in tax revenues from gambling and 86% of this amount will be collected by the end of August.
It became known earlier that Macau’s gross gambling profits rose by 2.8% in September, despite the last typhoon.
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