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Home > Country Profiles > Macau

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Financial Outlook

On 20th November 2013 Macau’s legislative assembly approved the budget proposal for 2014, which provides for a 14% increase over the 2012/13 budget, to 153.6 billion patacas (1 pataca = US$0.125). The secretary for economy and finance, Francis Tam, said that the increase was justified by increased revenues from Macau’s special tax on gaming. Legislators have been unhappy for a long time with the opacity surrounding government expenditure, and Tam said that the government intends to introduce legislation in 2014 to make public sector expenditure more transparent and tightly controlled. The 2015 budget would include total costs for multiyear projects and clear information on the government’s investment plan, he said. The 2014 budget is set to deliver a surplus of 76 billion patacas. Much of this will come from an expected 115.5 billion patacas from Macau’s gaming tax, up 25% on the 2013 figure. Macau levies gaming tax on casino gross gaming revenue at 35%. Clothing exports and gaming are the two principal exports, along with gaming-related tourism. The gambling industry provides the government with sufficient revenues to provide all Macau citizens with 15 years of free education.

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