MOP9.11b to be used from reserves in reviewed budget

The government proposes to use MOP9.11 billion from its reserves to support this year’s budget, the Executive Council (ExCo) announced yesterday.
In order to facilitate the proposed stimulus scheme, as well as other necessary government spending amid a less prosperous economy, the government has to amend the budget for this year. The amendments must be passed by the Legislative Assembly to take effect.
The new budget, if approved, will amount to MOP103.5 billion.
Among the MOP9.11 billion, MOP5.88 billion will be used to kick-off the consumption stimulation scheme. The government proposed to offer each registered resident MOP5,000 as a commencement fund for the scheme.
The government is also in touch with the eight mobile payment companies to remind them to finalize their respective privileges or promotions by the end of this month, so that residents will have enough time to choose which platform they want their commencement funds to be injected.
Besides, the government also proposes to save funds for the Health Bureau for the purposes of Covid-19 containment and prevention, as well as funds for the construction of the Hengqin Port at the Macau checkpoint.
In terms of income, the government proposes to implement further tax waiver, causing an extra decline to its expected income this year.
With regards to professional tax refund for the fiscal year 2019, the government proposes to raise the percentage from 60% to 70%. The monetary ceiling, meanwhile, will be raised from MOP14,000 to MOP20,000.
It means that a maximum of 70% paid professional tax by an individual, or MOP20,000, whichever lower, in 2019 will be returned to the taxpayer.
As for revenue supplementary tax, the government proposes to set a deduction ceiling at MOP300,000.
Tourism tax will be waived between May 11 and December 31 on hotels, gyms, saunas, massage parlors, karaoke studios, as well as other tourism-related entertainment venues.

subsidized training scheme
The ExCo has also discussed some changes to the subsidized training scheme. When the Executive Regulations come into force, prospective applicants will have the chance to sign up for two programs from each of the two plans, namely the Vocationally Directed Plan and the Skill Improvement Plan.
Meanwhile, those who have already attended courses from the Skill Improvement and Vocational Training Program will have the chance to sign up for one program from the Vocationally Directed Plan.