Macao's fiscal surplus reaches $5.97b in Jan-May

MACAO -- Macao recorded a fiscal surplus of 47.7 billion patacas ($5.97 billion) in the first five months this year, growing 35.5 percent year-on-year and exceeding the annual budgeted surplus (40.4 billion patacas), the city's Financial Services Bureau said on Tuesday.

Total public revenue of Macao in the five months reached 61.1 billion patacas, up by 20.7 percent year-on-year, the latest figures of the bureau indicated.

The bureau attributed the remarkable increase in public revenue to noticeable increases in the revenue of "direct taxes from gaming" and "property income," up by 15.1 percent and 120.7 percent year-on-year respectively.

Revenue of "direct taxes from gaming" during the five months reached 50.7 billion patacas.

By law, local casinos were required to pay 35 percent of their revenues as direct gaming taxes to the government and another 5 percent as special contributions to the city's urban development and promotion of local tourism.