Macao Jan-May fiscal surplus hits $4.39b

MACAO - Macao recorded a fiscal surplus of 35.17 billion patacas ($4.39 billion) in the first five months of 2012, up 21.4 percent over the same period last year, according to the latest figures released by the city's Financial Services Bureau.

Total public revenue (excluding the amounts from the Autonomous Agencies) of Macao in the first five months of 2012 reached 50.64 billion patacas, up 21.6 percent year-on-year, the figures indicated.

The DSF pointed out that the remarkable increase in public revenue was due to noticeable increases in the revenue of "Direct taxes from gaming" and "Transfers", up by 50.6 percent and 51.4 percent year-on-year respectively, and was contributed by increasing gross gaming revenue.

Revenue of "Direct taxes from gaming" during the first five months of 2012 reached 44.03 billion patacas, according to the figures.

By law, local casinos were required to pay 35 percent of their revenues as direct gaming taxes to the government of the Macao special administrative region and another five percent as special contributions to the city's urban development and promotion of local tourism.

The figures also indicated that total public expenditure in the first five months of this year increased by 21.9 percent year-on-year to 15.47 billion patacas.