Gaming tax revenue dips 7.4 pct

During January and November, gaming tax accounted for some 78 per cent of the government’s total revenue

The MSAR Government has raked in MOP72.8 billion (US$9.1 billion) from gaming taxes for the period spanning January to November this year, down 7.4 per cent year-on-year, the latest updates of the central account by the Financial Services Bureau (DSF) revealed yesterday.
Total government revenue – excluding that of autonomous bodies - posted a year-on-year decrease of 8.9 per cent for the months, amounting to MOP93.6 billion, of which 77.8 per cent was contributed by the gaming industry.
Other direct taxes amounted to some MOP8.2 billion, down7.9 per cent year-on-year, while indirect taxes dropped 10.7 per cent year-on-year to MOP3.4 billion.
In addition, total capital income of the departments, which include sales of capital assets, financial assets and reimbursements not deducted from payments, registered a year-on-year drop of 3.3 per cent, for some MOP965.2 million.

Central surplus plummets
The general fiscal surplus of government central departments totalled MOP29.7 billion as at the end of November, plunging 26.8 per cent compared to MOP40.5 billion for the same period last year.
However, the amount is still nine times higher than the government’s budgeted surplus of MOP3.5 billion for central departments at the beginning of the year.
Meanwhile, total expenditure of the departments grew 2.8 per cent to nearly MOP64 billion from MOP62.2 billion one year ago.
Current expenditure accounted for 96.1 per cent of the total, amounting to MOP59.8 billion, an increase of 3.2 per cent year-on-year whilst capital expenditure only amounted to MOP4.2 billion, a decrease of 1.8 per cent year-on-year.
In particular, the government’s expenditure on the Public Investment Plan (PIDDA) amounted to some MOP3.8 billion. Despite an increase of 9 per cent year-on-year, it only accounted for 34 per cent of the authorised budget of MOP11.1 billion for the expenses.
During the eleven months, the government transferred some MOP15 billion to the Social Security Fund, down 4.5 per cent compared to MOP15.7 billion for the same period last year.