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Macao

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About

Macao

Capital
Official languages
Population 
Currency

ISO 4217

Macao

Portuguese and Chinese

649,335

Pataca

MOP

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Economy

Macao has one of the strongest economies in the world. According to the World Bank, Macao had a GDP of $51.7 billion in 2019, making it the world's fourth-highest per capita GDP. The economy is heavily reliant on tourism, with over 30 million visitors in 2019, and gaming, which accounted for over 50% of the government's total revenue in 2019. The unemployment rate in Macao is low, at just 2.2%, and the inflation rate is also low, at 1.2%. The government has implemented a number of measures to diversify the economy, including encouraging foreign investment and developing the financial services sector. Macao is also a major hub for international trade, with exports totaling $7.2 billion in 2019. Overall, Macao has a strong and stable economy that is well-positioned for future growth.

Taxation

Macao is a Special Administrative Region of China and has a unique tax system. Here is an overview of the taxation system in Macao:


Corporate Taxation:

- Companies in Macao are subject to a flat corporate income tax rate of 12% on their profits.

- Corporate tax returns must be filed annually by March 31st of the year following the tax year.

- The payment of corporate income tax is due by the end of June of the year following the tax year.

- Companies with an annual turnover of less than MOP 500,000 (approximately USD 62,000) may be eligible for a reduced tax rate of 9%.


Personal Taxation:

- Individuals in Macao are subject to a progressive personal income tax rate that ranges from 5% to 12% on their income, depending on the income level.

- Personal income tax returns must be filed annually by April 30th of the year following the tax year.

- Personal income tax payments must be made by June 30th of the year following the tax year.


Stamp Duty:

- Macao imposes stamp duty on various types of transactions, such as property transfers and share transfers.

- The stamp duty rate ranges from 1% to 3% of the transaction value, depending on the type of transaction.


Tax Payment Process:

- Taxpayers in Macao can make tax payments through banks or online payment systems.

- Taxpayers must file their tax returns and make their tax payments by the deadlines mentioned above.

- The Macao tax authorities may conduct audits to ensure compliance with tax laws.


In summary, companies in Macao are subject to a flat corporate income tax rate of 12%, while individuals are subject to a progressive personal income tax rate that ranges from 5% to 12%, depending on their income level. Both companies and individuals are required to file their tax returns and make their tax payments by specific deadlines. Macao also imposes stamp duty on various types of transactions. Tax payments can be made through various methods, and taxpayers may be subject to audits to ensure compliance with tax laws.

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