55
Cheung also pointed
out that Macau has always
had a simple tax system,
characterised by low tax
rates. Yet contrary to this,
on property transactions,
Macau levies more taxes
and charges higher rates
than China and Hong
Kong.
Complicated
Compared to only one
levy in China and Hong
Kong, Macau levies five
types of taxes: stamp duty,
sales tax, legal fees, land
registry charge and mort-
gage fees. Together they
make a cumulative tax bur-
den of 4.95 percent, much
more costly and compli-
cated than the 1.5 percent
levied in China and Hong
Kong.
Based on the Macao
General Association of
Real Estate’s suggestion to
set stamp tax at a uniform
1.5 percent for any transac-
tions, the total percentage
of the remaining four lev-
ies would be reduced to
1.95 percent. Altogether, it
would total 2.95 percent.
Ung Lei Fen, president
of the Realty Develop-
ers Association of Macau,
agrees with the general
association. Additionally,
Ung suggests the govern-
ment should combine
transaction, mortgage,
deed, and register fees into
one single tax, and cut it
down to 0.5 percent of the
purchasing price, thus re-
ducing the excessive tax
costs incurred by property
O
N
R
investments.
A
K Nevertheless, Ung,
U
who is vice-president of
T
O S
N the Association of Prop-
Y
A
S
A
erty Agents and Realty De-
N
R
velopers of Macau, thinks
/
J
U
that the sliding-scale tax
A
:
E
P
proposal is feasible, yet
T
O
rather complicated and
O
H
P
expensive.
april 2009
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