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Oct 13, 2011

Living There


INDIVIDUAL TAXATION

Macau luxury houses for sale

Residents are taxed only on their income from sources in Macau. An individual is regarded as resident in Macau if he has an identity card issued by the authorities in Macau or if he has a permanent resident permit issued by the Macau Immigration Department. Married couples are taxed separately on professional income.

RENTAL INCOME
Income from property is taxed separately from other income.

Property Tax

Property tax is levied on real property (buildings) situated in Macau. The property owner is liable to pay for this tax.

For leased property, the tax is levied at 16% on the net rental income. A standard deduction of 10% is granted to cover repairs and maintenance, and certain property-related expenses. As of financial year 2008, a standard annual deduction of MOP3,500 (US$437) is allowed for all properties.

For other properties, the tax is levied at 10% on the assessable rental value of the property. A standard deduction of 10% of the rental value is granted to cover repairs and maintenance, and certain property-related expenses. As of financial year 2008, a standard annual deduction of MOP3,500 (US$437) is allowed for all properties.

The property tax is expected to go down in 2011, leased properties will be taxed at 10% and other properties will be taxed at 6%.

Stamp Duty Surcharge

A 5% surcharge is levied on property tax.

CAPITAL GAINS

Complementary Tax

Capital gains are subject to complementary tax, which is levied at progressive rates.

COMPLEMENTARY TAX

TAX BASE, MOP (US$)
TAX RATE
Up to 200,000 (US$24,996)
nil
200,000 300,000 (US$37,450)
9%
Over 300,000 (US$37,450)
12%

Stamp Duty Surcharge

A 5% surcharge is levied on real estate purchase tax.

PROFESSIONAL INCOME
Taxable persons include all employees and professionals. There are two categories of taxpayers, i.e. Group I for hired employees (including directors), and Group II for professional practitioners or self-employed individuals, e.g. designers, engineers and technicians, veterinarians, doctors, pharmacists and dentists, nurses and other nursing professionals and educators.

Group I taxpayers are subject only to professional tax, while Group II taxpayers are subject to both professional tax and complementary tax.

A standard allowance of 25% is deductible from the net taxable income (total income less non-taxable income for Group I taxpayers, or business deductions for Group II taxpayers).

A 25% reduction on total professional tax payable is granted to all professional taxpayers.

Professional Tax

Individuals earning professional income and Group I taxpayers pay professional tax, levied at progressive rates.

PROFESSIONAL TAX 2010

TAXABLE INCOME, MOP (US$)
TAX RATE
Up to 120,000 (US$14,980)
0%
120,000 140,000 (US$17,477)
7%
140,000 160,000 (US$19,873)
8%
160,000 200,000 (US$24,967)
9%
200,000 280,000 (US$34,953)
10%
280,000 400,000 (US$49,933)
11%
Over 400,000 (US$49,933)
12%

For 2011, the tax-free threshold is increased to MOP144,000 (US$17,975) . The succeeding tax bands are taxed at progressive rates, from 7% to 12%. The highest tax band is now 424,000 (US$52,929), which is taxed at 12%.

Complementary Tax

Individuals earning business income and Group II taxpayers pay complementary tax, levied at progressive rates.

COMPLEMENTARY TAX

TAX BASE, MOP (US$)
TAX RATE
Up to 200,000 (US$24,996)
0%
200,000 300,000 (US$37,450)
9%
Over 300,000 (US$37,450)
12%

Stamp Duty Surcharge

A 5% surcharge is levied on professional tax and complementary tax.


PROPERTY TAX


Land Tax

Leasehold land is subject to land tax. The calculation of the tax payable depends on the location and type of land.





Comments

#1 RICKY | April 23, 2011

There will soon be special stamp duty tax for property that are sold within 2 years.
Please check out the news on internet.

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