Macau's government has revealed that it will not be giving a tax concession to the city's gambling industry, despite announcing its intention to cut taxes in other areas.
Edmund Ho, Chief Executive of the Macau Special Administrative Region (SAR), made the announcement amid the government's recent annual policy address, which highlighted their aim to implement tax breaks for the city's small businesses and homeowners.
Currently, gambling is Macau's primary source of revenue, with six established large-scale casinos. However, the industry has suffered some financial setbacks recently, after debt-servicing became an increasing problem for its biggest investor, Las Vegas Sands.
It had been hoped that, in light of this, the government would consider reducing the 39% tax burden currently levied upon the industry. Instead, Mr Ho has rejected this, proclaiming he would rather use the revenue generated by casinos to boost alternative areas of the country's tourism industry, stating:
"A tax cut for the gaming business has never been our consideration."
Despite this, Mr Ho declared that he does aim to spend around MOP1.8bn (USD226m) reducing the tax burdens for homeowners, whilst also lowering taxes levied on salaries.
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