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The Macao SAR Government has announced a string of measures intended to ease the economic side-effects of controlling the novel coronavirus (COVID-19) pandemic. The measures are aimed at providing assistance to local residents and enterprises in order to help them overcome the crisis.
In delivering the measures, the Macao SAR Government followed the principle that it should spend public funds cautiously. One notable measure is the establishment of a MOP10-billion fund to be spent on relieving the harm caused by the pandemic.
Mr Ho Iat Seng, Chief Executive of the Macao SAR, said in the Policy Address for Fiscal Year 2020, given in April, that the key tasks for the Macao SAR Government this year included fighting the pandemic, safeguarding employment, stabilising the economy, caring for local people’s livelihoods, implementing reform, and facilitating development. Mr Ho stressed that the priority of his administration was to “maintain community stability and accelerate the post-pandemic economic recovery”. He said more than MOP50 billion would be spent in controlling the COVID-19 pandemic, with the Government incurring its first budget deficit since the establishment of the Macao SAR in 1999.
The Macao SAR Government has announced two rounds of economic relief measures to help Macao residents and enterprises in various industries to cope with the economic pressure and overcome the impact of the coronavirus outbreak.
The first round of relief measures was announced on 13 February 2020. That package had five major components, including: tax relief and tax exemptions meant to ease the financial burden on Macao residents and enterprises; subsidies and other financial help for micro, small and medium-sized enterprises (SMEs), to help such businesses stay afloat; financial support for Macao residents, particularly society’s vulnerable groups; additional vocational training for Macao residents in order to safeguard jobs for workers; and the distribution to Macao residents of MOP3,000 consumption card to help speed up the economic revitalisation.
Second-round of relief measures
To complement and deepen the effect of the first-round relief measures, as well as to strengthen the confidence, solidarity and stability of the society, the Macao SAR Government announced its second round of relief measures on 8 April 2020. These measures comprise six different approaches to allocating the MOP10-billion fund for relieving the harm caused in controlling the pandemic. The money will be spent on relief measures meant to give extra support to enterprises, employees, the self-employed and the general public.
Relief measures meant to help local enterprises, especially SMEs, include grants ranging in value from MOP15,000 to MOP200,000 to each eligible enterprise, depending on the number of employees each has. The Macao SAR Government has fully subsidised enterprises’ water and electricity expenses for three months. Also, the city’s business environment continues be enhanced, the procedure for companies to apply for certifications has been simplified and there is a pledge to simplify the application procedure to hire non-resident workers.
The administration has also enhanced its support of SMEs, outlining adjustments to the “SME Credit Guarantee Scheme”, the “SME Credit Guarantee Scheme for Specific Projects” and amendments to the “SME Aid Scheme”. The “SME Interest Subvention Scheme” has also been launched to subsidise payments of interest on bank loans held by SMEs.
Relief measures designed to help employees include financial subsidies in the form of monthly grants of MOP5,000 for three months to each eligible taxpayer. The self-employed will each receive a grant ranging from MOP10,000 to MOP200,000, depending on the number of employees the individual has on the payroll.
Self-employed individuals can also receive a subsidy on any interest charged at the rate of 4 percent or less on relevant bank loans. This subsidy is capped at a maximum amount of MOP100,000 and payable for no more than 2 years.
The Macao SAR Government has several interventions to foster job creation. It intends increasing its investment in infrastructure, as a way to create jobs. The recently launched “Professional Skill Training Programme” – a paid vocational training programme) – is seen as a pathway to make Macao residents more employable.
Unemployed Macao residents may join the government’s training courses. After completing the courses, they will receive a subsidy of MOP6,656 and job matching services will be arranged for them. Citizens in employment can also take the same training courses with employers’ recommendation and a MOP5,000 subsidy will be granted to each trainee upon completion of the courses.
A MOP10-billion fund for countering the harm caused during the COVID-19 pandemic will be spent to enhance the living conditions of the local community and revitalise the city’s economy. Macao residents will have their stored-value card reloaded with an extra MOP5,000 to be spent at local businesses between August and December 2020.
The consumption card aims to help speed up the economic revitalisation
 pandemic. The measures are aimed at providing assistance to local residents and enterprises in order to help them overcome the crisis.
In delivering the measures, the Macao SAR Government followed the principle that it should spend public funds cautiously. One notable measure is the establishment of a MOP10-billion fund to be spent on relieving the harm caused by the pandemic.
Mr Ho Iat Seng, Chief Executive of the Macao SAR, said in the Policy Address for Fiscal Year 2020, given in April, that the key tasks for the Macao SAR Government this year included fighting the pandemic, safeguarding employment, stabilising the economy, caring for local people’s livelihoods, implementing reform, and facilitating development. Mr Ho stressed that the priority of his administration was to “maintain community stability and accelerate the post-pandemic economic recovery”. He said more than MOP50 billion would be spent in controlling the COVID-19 pandemic, with the Government incurring its first budget deficit since the establishment of the Macao SAR in 1999.
The Macao SAR Government has announced two rounds of economic relief measures to help Macao residents and enterprises in various industries to cope with the economic pressure and overcome the impact of the coronavirus outbreak.
The first round of relief measures was announced on 13 February 2020. That package had five major components, including: tax relief and tax exemptions meant to ease the financial burden on Macao residents and enterprises; subsidies and other financial help for micro, small and medium-sized enterprises (SMEs), to help such businesses stay afloat; financial support for Macao residents, particularly society’s vulnerable groups; additional vocational training for Macao residents in order to safeguard jobs for workers; and the distribution to Macao residents of MOP3,000 consumption card to help speed up the economic revitalisation.
<strong>Second-round of relief measures</strong>
To complement and deepen the effect of the first-round relief measures, as well as to strengthen the confidence, solidarity and stability of the society, the Macao SAR Government announced its second round of relief measures on 8 April 2020. These measures comprise six different approaches to allocating the MOP10-billion fund for relieving the harm caused in controlling the pandemic. The money will be spent on relief measures meant to give extra support to enterprises, employees, the self-employed and the general public.
Relief measures meant to help local enterprises, especially SMEs, include grants ranging in value from MOP15,000 to MOP200,000 to each eligible enterprise, depending on the number of employees each has. The Macao SAR Government has fully subsidised enterprises’ water and electricity expenses for three months. Also, the city’s business environment continues be enhanced, the procedure for companies to apply for certifications has been simplified and there is a pledge to simplify the application procedure to hire non-resident workers.
The administration has also enhanced its support of SMEs, outlining adjustments to the “SME Credit Guarantee Scheme”, the “SME Credit Guarantee Scheme for Specific Projects” and amendments to the “SME Aid Scheme”. The “SME Interest Subvention Scheme” has also been launched to subsidise payments of interest on bank loans held by SMEs.
Relief measures designed to help employees include financial subsidies in the form of monthly grants of MOP5,000 for three months to each eligible taxpayer. The self-employed will each receive a grant ranging from MOP10,000 to MOP200,000, depending on the number of employees the individual has on the payroll.
Self-employed individuals can also receive a subsidy on any interest charged at the rate of 4 percent or less on relevant bank loans. This subsidy is capped at a maximum amount of MOP100,000 and payable for no more than 2 years.
The Macao SAR Government has several interventions to foster job creation. It intends increasing its investment in infrastructure, as a way to create jobs. The recently launched “Professional Skill Training Programme” - a paid vocational training programme) - is seen as a pathway to make Macao residents more employable.
Unemployed Macao residents may join the government’s training courses. After completing the courses, they will receive a subsidy of MOP6,656 and job matching services will be arranged for them. Citizens in employment can also take the same training courses with employers’ recommendation and a MOP5,000 subsidy will be granted to each trainee upon completion of the courses.
A MOP10-billion fund for countering the harm caused during the COVID-19 pandemic will be spent to enhance the living conditions of the local community and revitalise the city’s economy. Macao residents will have their stored-value card reloaded with an extra MOP5,000 to be spent at local businesses between August and December 2020.
[caption id="attachment_294748" align="aligncenter" width="1024"]<img class="wp-image-294748 size-large" src="https://www.ipim.gov.mo/wp-content/uploads/2020/08/MI76-p12-1024x683.jpg" alt="MI76-p12" width="1024" height="683" /> The consumption card aims to help speed up the economic revitalisation[/caption]%0D%0DReference Link : %0Dhttps://www.ipim.gov.mo/en/publication/issue-76-jun-2020/focus/government-to-spend-mop50-bln-on-spurring-economic-rebound/){kind=link}