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Macau's 2017 Tax Measures To Benefit Individuals, SMEs

by Mary Swire, Tax-News.com, Hong Kong

16 November 2016


On November 15, Macau's Chief Executive, Chui Sai On, delivered the Policy Address for Macau's 2017 fiscal year, and concentrated on measures to improve the livelihoods of individuals and boost the growth of small businesses.

For residents of Macau, the first 30 percent of annual income from employment is tax free, up to a ceiling of MOP144,000 (USD18,000). In FY2017, they will also receive a 60 percent personal income tax rebate, capped at MOP12,000.

In addition, the Government will continue the Wealth Partaking Scheme, offering a bonus of MOP9,000 annually to each permanent resident and MOP5,400 for each non-permanent resident. To encourage further employment opportunities for people with disabilities, employers will be granted tax relief of up to MOP5,000 against profits tax.

Chui also announced that, for residents that are first-time homebuyers, the Government will waive stamp duty for the first MOP3m of a residence's value.

For business owners, the Government will also introduce a number of tax relief measures, to support growth of local small- and medium-sized enterprises, particularly those involved in the tourism industry.

TAGS: individuals | tax | small business | business | fiscal policy | budget | corporation tax | Macau | travel and tourism | small and medium-sized enterprises (SME) | stamp duty | tax breaks | individual income tax

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