Macau Business and Economic News

[macau gambler]

come on here and there...how much money are they hiding in macau including all the heads of state of europe ? check out how many banks there are in macau....

[Glidewide]

Tax evasion involves much more than banks, it requires that one conceal both income and assets. The preparation of the list of tax havens is a power play—those loosing economic power are interested in collecting as much tax revenue as they can while on the downward slide. And they seem to need everyone's help to do it. It seems that if a political jurisdiction does not effectively control all economic transactions within its borders and provide that information to other jurisdictions, the West views it as a tax haven.


Macau does not have an invasive government sponsored income and financial transaction reporting system. Macau banks do not report individual bank deposits or interest earnings to any government agency—in or out of Macau. Real estate and domestic stock transactions are government tracked through registration and stamp tax, however, virtually all commercial real estate transactions are undertaken using BVI companies. Stock transactions of non-Macau registered companies are not systematically tracked and reported to any government agency—even if they are owned by Macau residents or Macau companies. Appreciated real estate (or other property) can effectively be sold tax free by transferring the stock of the BIV company in whose name the real estate is held. Combine this with Macau’s low tax rates and less than precise tax law and there is no doubt in my mind that if one wanted to evade foreign tax (non-Macau tax), Macau would be a reasonable choice for a place to do it. Having said this, Macau does a pretty good job of collecting tax due to Macau under Macau law from employees and from companies of significant substance which they classify as Group A companies. Tax compliance in Macau by small business is a bit “loosey goosey”.

[Gwo Loo Waan]

This is not good for Macau. Inflaction is rising every single day...

Inflation in Macau totals 7.11 percent in March [ 2009-04-22 ]


Macau, China, 22 April – The inflation rate in Macau in March was 7.11 percent, in a month in which prices saw a rise of 0.43 percent against the previous month, the region’s Statistics and Census Bureau said in Macau.

The Bureau said that against March of 2008, the Consumer Price Index (CPI) rose 2.35 percent, with significant rises in the categories of Clothing and Footwear (12.93 percent), and Food and non-Alcoholic Drinks (9.49 percent).

The categories that saw decreases include transport and education, which fell in March 8.88 percent and 7.49 percent, respectively, when compared to March of 2008. This was due to the drop in petrol and airline ticket prices, as well as a rise in the subsidy attributed by the government to its students.

Against February 2009, March's figures saw significant rises in the categories of Food and Non-Alcoholic Drinks - 1.32 percent - and Clothing and Footwear - 1.19 percent. (in www.macauhub.com)

[macau-invest]

WOW deflation in other parts of the world, this comes as a surprise

[alice45]

Macau business people insist that the project should be seen as a genuinely delta-wide structure, and not just as a bridge between Hong Kong and the west bank of the estuary. Consequently, its design should, ideally, include as many access points in the delta as technically feasible. Macau, which functions as a separate customs territory and a free port, is a founder member of the World Trade Organisation.

[hakz2007]

Macao's CPI up 2.57% in February

MACAO, March 22 (Xinhua) -- Macao's composite CPI (consumer price index) for February 2010 increased notably by 2.57 percent year-on-year to 103.27, according to figures released on Monday by the city's Statistics and Census Service (DSEC).

Price indices of Recreation and culture, Transport, Clothing and footwear, Miscellaneous goods and services, and Food and non- alcoholic beverages rose by 8.64 percent, 7.87 percent, 7.84 percent, 7.33 percent and 4.82 percent year-on-year respectively in the period, the DSEC said.

Compared with January, the Composite CPI for February increased by 1.11 percent, the figure also showed. For the 12 months ended February 2010, the average composite CPI rose by 0.78 percent over the preceding period, according to the DSEC.

http://news.xinhuanet.com/english201...c_13220756.htm

Macao's forex reserves reach 18.73 bln USD in February

MACAO, March 22 (Xinhua) -- Macao's foreign exchange reserves amounted to 18.73 billion U.S. dollars at the end of February 2010, according to the preliminarily-estimated figures released on Monday by the Monetary Authority of Macao Special Administrative Region (SAR).

The reserves rose 1.5 percent from the revised value for the previous month and when compared with the same period last year, the reserves increased 13.8 percent, the Monetary Authority said.

Macao SAR's foreign exchange reserves at the end of February 2010 represented 30 times the currency in circulation.

Meanwhile, the trade-weighted effective exchange rate index for the pataca, a gauge of the domestic currency's exchange rates against the currencies of Macao's major trading partners, fell 2. 97 points year on year to 90.28 in February 2010.

http://news.xinhuanet.com/english201...c_13220754.htm

[pearl river]

Inflation may top 8 pct in 2011: economist
22/01/2011 03:32:00 Vítor Quintã

Food and non-alcoholic drinks increased 4.8 percent in the last 12 months, helping to push yearly inflation to 3.92 percent
Although yearly inflation dropped slightly last month, consumer prices could jump by more than 8 percent this year, economist Albano Martins told Macau Daily Times.
According to the Statistics and Census Service (DSEC), in December the inflation was down by 0.01 points to 3.92 percent. This indicator dropped by a second consecutive month after reaching a 21-month high in October (3.95 percent).
In comparison with the same period of 2009, the rise was mainly felt in transport (up 6.9 percent), as gasoline and airfare became more expensive, but also in health services (up 6.1 percent). Food and non-alcoholic drinks (up 4.8 percent) – which represent almost a third of the Macau families’ budget – and clothing and footwear (up 4.1 percent) also increased markedly.
The only significant decrease was felt in the communication index (down 3.6 percent), because of cheaper mobile phone services.
Still, DSEC stressed, the average inflation for the whole of 2010 stood at 2.8 percent. This figure is below the 3 percent mark that the Chief Executive had set as the standard to take action.
However, Martins said, the yearly inflation has been well above 3 percent since September. “It’s only 2.8 percent because there were some slow increase periods in the first few months of 2010.”
“But the price index tends to be a cumulative process,” he warned. “I made a small simulation and, if all the economic situation remains as it was last year, the average inflation for 2011 will skyrocket to 8.27 percent,” the economist said.
All factors are pointing to an even higher inflation, he added. “Macau is on a very strong growth trend and it’s unlikely this year’s growth will be less than two-digits.”
Furthermore, imported inflation from mainland China is rising and the Yuan will further appreciate, Martins warned.
“The Government must stay alert because even if the existing subsidies are extended, it will be nearly impossible for the inflation to remain below 5 or 6 percent,” he said.
“The root of the problem remains unsolved and in some cases, namely the imported inflation, there is nothing the local Administration can do.”
The Government has already decided to bring forward the cash handout to local residents to the beginning of 2011, rather than between July and September as usual. Households living in social housing units will be exempt from paying rent between January and March, while families receiving financial aid or special allowances from the Social Welfare Bureau will get an extra one-month assistance in 2011 and food bank services will be reinforced

[Muchenyi]

Renminbi goes up, Dollar goes down. Here it is - the inflation jumps!

[pearl river]

Monetary authority alerts for inflation spike in 2011

Posted: 1/25/2011 2:56:41 PM Excellent! Very Good Good Fair Poor Rating: 0% ( votes)

Inflation is set to continue going up in 2011, warns the Monetary Authority of Macau.

“Inflationary pressures are likely to intensify in 2011,” the authority wrote in its latest Monetary and Financial Stability Review, published in late January.

The inflation rate for the whole of 2010 stood at 2.81 percent. Prices started to climb towards the end of the year, with the Composite Consumer Price Index for December 2010 rising by 3.92 percent year-on-year.

Aside from inflation, the authority’s crystal ball for 2011 shows mainly blue skies ahead. “The economy is predicted to expand at a high-single-digit rate in 2011 under the key assumption that gross gaming receipts grow annually by an approximate 15.0 percent.”

Such an estimate may be considered to be conservative, as several analysts predict gaming revenue to rise up to 30 percent this year.

Local interest rates are “likely to stay at low levels for the whole course of 2011.”

The Monetary Authority notes that the city has reached full employment, with the jobless rate staying below 3.0 percent. The lack of available manpower will meanwhile push wages up.

Finally, the property market is anticipated “to stabilise in 2011.”

[pearl river]

Macao's per-capita GDP reaches 49,745 USDSunday, March 27, 2011 9:02 PM
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MACAO, Mar. 25, 2011 (Xinhua News Agency) -- Macao's GDP for the whole year of 2010 reached 217.32 billion patacas (27.16 billion U.S. dollars), with per-capita GDP amounting to 398,071 patacas, the city's Statistics and Census Service (DSEC) said on Friday.

According to the figures, Macao's GDP rose by 26.2 percent in real terms last year and economic growth for the fourth quarter of last year stood at 27.9 percent in real terms.

Macao's per-capita GDP of 2010 rose by 94,079 patacas over 2009, an increase of 25.8 percent year-on-year.

The DSEC said that revival of the world economy and the robust economic growth in the Chinese mainland created favorable conditions for a rapid rebound of Macao economy.

As a result, gross gaming revenue and total visitor spending of last year soared substantially upon outstanding performance of the tourism and gaming sector.

In respect of the GDP structure, the notable increase in exports of tourism and gaming services pushed up net exports of goods and services to surge by 66.8 percent, far higher than the level of economic growth, bringing its relative importance to GDP to rise apparently from 41.9 percent in 2009 to 55.4 percent in 2010, the DSEC said.

(Source: )
(Source: Quotemedia)

[superchan7]

In cases like Macau, this number is already meaningless in determining the economic state of the general population. It's a nice number to throw around.

[hkskyline]

I'm more curious to see how the wealth is distributed amongst the demographic.