Employment and Tax News – MACAU 2016
Law 15/2015 became effective on 1st January 2016 - the official budget law sets annual exemptions, deductions and tax withholding minimum thresholds for 2016.
Regarding professional tax the following applies in Macau for 2016:
1. Tax rates (professional tax rates) are progressive up to 12% with the top tax rates applying to an annual income over MOP424,000. Professional tax rates apply to residents and to non-residents.
2. The exemption threshold for this year is maintained at MOP144,000 p.a and a fixed deduction of 30% from the professional annual income.
3. Tax withholding is required for the employer in respect of all employees whose salary is of MOP 16,000.00 and higher. The amounts deducted are declared and payable to the Macau Financial Services Bureau on a quarterly basis, within 15 days from the end of each quarter.
Labour Credit Guarantee Fund – Administrative Regulation n.º 24/2015
– Published on 28 December, and effective since 1 January, 2016, it regulates the organization, administration and operation of the Labour Credit Guarantee Fund (FGCL), that will process payment to workers of credits claimed under Law n.º 10/2015 (Labour Credit Guarantee Law) which are due and not otherwise payable.
Value of manifestly low credit – Administrative Regulation n.º 25/2015
– Effective since 1 January, 2016, it defines as manifestly low credit the amount of MOP 1,000 (one thousand patacas), below which the FGCL is not required to take special recovery measures under the Labour Credit Guarantee Law.
Appointment of members of the Administrative Council of the Labour Credit Guarantee Fund (FGCL) – Dispatch of the Executive Chief n.º 535/2015
– Appoints the members of the Administrative Council of the FGCL, for a mandate of 2 years, since 1 January 2016:
1) President Wong Chi Hong, director of the Labour Affairs Bureau;
2) Member Kuok Iat Hoi, representative of the Finance Services Bureau, and Hau Koc In as substitute;
3) Member Chio Pou Chu, and Wong Hong as substitute.
For more information please contact:
[email protected] +853 8590 0708
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