Macao sets fiscal budget for 2004

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Last updated at: (Beijing Time) Wednesday, November 26, 2003

Macao sets fiscal budget for 2004

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The Macao Legislative Assembly Tuesday passed the Macao Special Administrative Region (SAR) government's fiscal budget for 2004 at 15.77 billion patacas (about 2 billion US dollars), an increase of 1.66 billion patacas over 2003.

Based on the budget plan, the Macao SAR government expects to rake in 13.25 billion patacas (1.65 billion dollars) in regular income and 60 million patacas (7.5 million dollars) in capital income among other sources of income next year.

Taxes from the gambling industry will be the largest source of the income, estimated at 9.37 billion patacas (1.2 billion dollars), which represents a 31.8 percent growth over the target set for the year of 2003.

On the outlay side, the general expenditure has been set at 9.43 billion patacas (1.1 billion dollars) and another 310 million patacas (39 million dollars) will be allocated for capital expenditure and other items.

According to the plan, the government will increase investment in public projects by 22.6 percent over the previous year to 3.57 billion patacas (446 million dollars).

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