Macau announces social support and tax cuts for 2019

The Government of Macau today introduced the Lines of Government Action (LAG) for 2019, which includes increases in social support and tax cuts that will cost the coffers of the territory about 2.5 billion euros.

The head of the Macao Government, Chui Sai On, made LAGs known to MPs in the Legislative Assembly, who estimate an expenditure of around 13.4 billion euros (122.4 billion patacas) in 2019, in the year in which marks the 20 years of the return of Macau to the Chinese administration and in which there will be a change of Government. (CORRECTS THE VALUE: 13.4 BILLION EUROS AND NOT 12.79 BILLION EUROS).

In social supports, the increase in the value of the minimum subsistence rate, invalidity and birth subsidies, as well as the value of the pension for the elderly should be highlighted, with an increase in the aid for the acquisition of textbooks.

The Macao Government estimated that the subsidies and contributions would cost MOP18.8 billion.

New tax relief measures are included in the LAGs for 2019 to encourage, for example, Macao companies to invest in innovative research and development projects. These measures also include incentives for the employment of persons over 65 and disabled.

With the application of the various measures of exemption, reduction of taxes and taxes and the return of tax, the Government of Macau foresees to stop collecting tax revenues in the approximate amount of 4.2 billion patacas.

In the document, now presented by Chui Sai On, it is considered a priority to build housing and public facilities on land where there is a definitive conversion of ownership to the authorities of the territory, and the promise to accelerate the construction of the zones of new landfills.

Building a platform for sharing police forces and security services until the 2019 sign is another of the promises included in LAGs.

Strengthening economic and cultural cooperation with the Portuguese-speaking countries is another priority, according to the Macao Government.

In the area of security, negotiations are scheduled with Timor-Leste, Cape Verde and Angola on the projects of the three agreements on judicial cooperation in criminal matters.

On the other hand, “it will continue to seek to reach a consensus with Portugal regarding the Agreement on the Delivery of Fugitive Offenders and the Agreement on Judicial Cooperation in Criminal Matters.”

Finally, “it will continue to negotiate with Brazil with regard to three agreements on judicial cooperation in criminal matters and a cooperation agreement in civil matters,” read the document.

The Macao Government also underlines the commitment to “three routes of economic and trade cooperation with the outside world: from Brazil that serves as a bridge to Latin America, from Portugal that gives access to the European Union and finally from Angola and Mozambique that make the connection with the other African countries. ”

According to the International Monetary Fund (IMF), Macau has a per capita income of 105,000 euros, only surpassed by Qatar (111,000 euros).

The IMF expects Macao to record the highest per capita income in the world (€ 124,000) in 2020, nearly triple the average of the most advanced economies such as Australia, the United States, Austria, the United Kingdom and mainland China.

The same organization estimates that Macao will grow by 6.3% in 2019, higher than the one projected for China (6.2%) and predict that in that year the inflation in the territory administered by the Beijing regime will be to 2.4%.

After more than 400 years under Portuguese administration, Macao became a Special Administrative Region of China on December 20, 1999, with a high degree of autonomy agreed over a period of 50 years.

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