Hengqin announces tax incentives for augmented-reality enterprises

Development of the metaverse industry will be further advanced with tax incentives, the Guangdong-Macao In-Depth Cooperation Zone in Hengqin bureaus of Finance, Taxation, and Economic Development announced earlier this month. 26 new tax policies support the agglomeration and development of metaverse enterprises, attract R&D talents, and accelerate the settlement and transformation of sci-tech achievements in the Cooperation Zone. They will provide full cycle backing for metaverse enterprises from the start-up stage through further growth and development, as cited in a statement issued by the Hengqin government. Qualified companies in metaverse-related industries and sectors will receive a preferential corporate income tax (CIT) rate of 15%, while eligible enterprises will be exempted from CIT for incomes generated from new overseas direct investment.

Wholesale, retail trade revenues reach MOP114b in 2021

Receipts of Wholesale & Retail Trade rose by 34.7% year-on-year to MOP114.19 billion in 2021, returning to over 80% of the receipts in 2019. Data from the Statistics and Census Service shows that expenditure stood at MOP104.84 billion, up by 29.7% year-on-year. Receipts of Wholesale Trade went up by 11.9% year-on-year to MOP34.76 billion. Retail establishments totalled 7,771, up by 526 year-on-year; most of them were engaged in retail sale of food and beverages.  However, the number of persons engaged in Retail Trade dropped by 1,285 to 41,630 despite receipts rising by 53.5% year-on-year to MOP73.59 billion.