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Macau Corporate - Significant developments

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Tax incentives for the tax year 2019

On 18 December 2018, the Legislative Assembly approved certain tax incentives proposed by the Chief Executive of Macau in the Budget for the financial year 2019. The key tax incentives include the following:

  • The tax-free income threshold for complementary (corporate) tax has been increased from 32,000 Macanese patacas (MOP) to MOP 600,000 for income derived in the tax year 2018. Taxable income over MOP 600,000 is taxed at 12%.
  • There will be enhanced tax deduction for research and development (R&D) expenditure incurred for innovation and technology projects by complementary tax Group A taxpayers for the tax year 2019 (300% tax deduction for the first MOP 3 million of qualifying R&D expenditure, and 200% tax deduction for the remaining amount, subject to a limit of MOP 15 million in total).
  • Income received from or derived in Portuguese speaking countries will be exempt from complementary tax for the tax year 2019, provided such income has been subject to tax in its place of origin.
  • Interest and capital gain derived from debt instruments issued in Macau by the central government, local government, or central enterprises of the People’s Republic of China will be exempt from complementary tax for the tax year 2019.
  • The standard MOP 3,500 reduction in property tax liabilities will continue to be available in the tax year 2019 for both self-use and rental properties. This incentive does not apply to corporate and Macau non-residents.
  • Property tax rate for rental properties will be reduced to 8% for the tax year 2019.
  • Restaurants will continue to be exempt from tourism tax in the tax year 2019.
  • Insurance policies written or renewed in the tax year 2019 and banking transactions in the tax year 2019 will continue to be exempt from stamp duty.
  • Admission tickets for performances, exhibitions, and entertainment programs will continue to be exempt from stamp duty in the tax year 2019.
  • Debt instruments issued, sold, or transferred in Macau by the central government, local government, or central enterprises of the People’s Republic of China will be exempt from stamp duty for the tax year 2019.
  • Commercial and industrial operations will continue to be exempt from the annual industrial tax in the tax year 2019.

Abolishment of the Macau Offshore Regime

The Macau Offshore Law (Decree-Law 58/99/M) and its supplementary regulations that grant tax incentives to approved offshore institutions will be abolished on 1 January 2021. Existing approved offshore institutions can continue to operate until the end of year 2020 with the following transitional arrangements:

  • Income derived from intellectual property (IP) acquired on or after 16 October 2017 is no longer eligible for complementary tax exemption starting from 1 July 2018. Approved offshore institutions with such income from IP are required to file complementary tax returns under Group A taxpayer with the Macau Finance Bureau for year 2018.
  • Purchase of office premises after the effective date of the abolishment law are no long eligible for stamp duty exemption.
  • Newly approved resident permit holders after the effective date of the abolishment law are no longer eligible for professional tax exemption, while existing approved resident permit holders who continue to work in the approved offshore institutions can continue to enjoy professional tax exemption for the first three years within the license validity period of the approved offshore institutions or up to 31 December 2020, whichever is shorter.
  • Disposal of office premises with stamp duty previously exempted are no longer required to be clawed back even if the offshore institution has possession of the concerned property for less than five years.

Existing offshore operating licences will automatically become invalid on 1 January 2021. Approved offshore institutions will transit to Macau onshore entities from 1 January 2021.


Last Reviewed - 02 July 2019

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