Macau 2024 budget does not include GGR tax rebates for foreign players

The option to refund gross gaming revenue (GGR) tax on bets placed by foreign players was not included in the recently negotiated budget for Macau’s fiscal year 2024.

The government of Macau suggested a refund of up to 5 percentage points on the 40% tax on GGR collected by foreign players in specially defined zones of gaming facilities, prior to the commencement of the new 10-year gaming concessions in January. Operators would have to request this kind of exception, however.

In April, the authorities admitted that all six operators had established betting sites exclusive to foreigners. However, by June of the same year, none of these businesses had asked for a GGR tax return on play created by foreign visitors.

The final draft of the 2024 budget, which was authorized by a committee of the Legislative Assembly before to the final vote, recognized the challenges in predicting whether foreign visitors would contribute to the money that casino operators waive from the city’s gaming tax. The statement also mentioned the Macau Special Administrative Region (SAR) government’s ongoing efforts to draw in foreign business, including initiatives like creating more international aviation links and offering travel discounts to visitors. The government projects casino gross receipts (GRR) of MOP216.0 billion (US$26.80 billion) for 2024, based on the fiscal year budget plan.

Macau anticipates that gaming taxes would bring in more than MOP75.60 billion for the whole year. In 2024, additional taxes of MOP30.0 million will be levied on commissions that casinos pay to junkets.

Original story by: GGRAsia