Since the outbreak of COVID-19 in Macao on 18^th June, the SAR government has taken various measures to contain the spread of the virus, while introducing a number of initiatives to help ease the impact of the epidemic on both the local economy and the lives of its residents. One big financial support initiative has been the launch of a MOP10 billion injection into the economy to support local businesses, including tourism-related, and residents. 

Launch of the “MOP10 billion financial support measures” package to support Macao community

The MOP10 billion injection of financial support into the economy encompasses measures that cover five areas: financial assistance, tax relief, subsidies, employment support and the expansion of domestic demand. In tourism area, in terms of tax exemptions, a waiver of a 5% tourism tax that is usually levied on tourism-related businesses in Macao is in place. Plus, administrative licence fees for hotels and restaurants, as well as venues or industries that are used for specific activities, are being exempted or refunded this year. Housing tax for industrial and commercial venues - and vehicle licence tax for business vehicles - are also all being refunded under the new measures. 

Other measures include the planning to co-operate with mobile payment institutions and associations is to hold a “Citywide Consumption Carnival” to accelerate the economic recovery and to increase domestic demand in the city while minimising the impact of the epidemic on the consumer market.

Furthermore, the Macao SAR government has also allocated a further MOP10 billion to cover the costs of the epidemic and provide inclusive assistance for those affected in the city. The government is preparing to conduct a dynamic assessment of the epidemic and its social impact on the city. As a result, it will adjust and supplement its financial support measures where appropriate as it also makes arrangements for the coming weeks and months.