Gov’t income slumps almost 30 percent

A front line civil servant

The public administration revenues between January and November amounted to MOP102.2 billion, down almost 30 percent from the same time last year. Public spending has reached MOP62.2 billion, constituting a 17.3 percent increase year-on-year, according to figures released yesterday by the Finance Services Bureau (DSF).
With only one more month of earnings to come before this year winds down, the government must take in a further MOP7.35 billion to achieve its anticipated tax revenue from casinos for 2015, given the current standing amount of MOP78.5 billion.
The gaming sector has a massive impact on the public administrative takings, accounting for 76.8 percent of the total, and 90.1 percent of revenue coming from direct taxes. The gaming operators pay a 35-percent direct tax and around 4 percent in indirect taxes to the local authorities.
Despite being expected to spend MOP14.7 billion through the PIDDA (Public Investment Plan), the government has only spent 23.6 percent, with expenses totaling only MOP3.47 billion. Financial surplus has plunged by about 57 percent to MOP39.97 billion.
The funds allocated to the social security fund, MOP15.7 billion, account for almost one fourth of the total registered spending.