The government has announced details of its 10 billion pataca financial support plan, covering residents and businesses in different sectors including employees and freelancers, entrepreneurs and cabbies.
The announcement was made by Secretary for Economy and Finance Lei Wai Long, Economic and Technological Development Bureau (DSEDT) Director Tai Kin Ip and Financial Services Bureau (DSF) Director Iong Kong Leong at the government’s COVID-19 press conference on Sunday.
The plan will have to be submitted to the Legislative Assembly (AL) so that the government can amend this year’s budget before the measures can get off the ground, provided that the budget amendment bill is passed by lawmakers.
According to the officials, the eligible employees will receive a one-off subsidy of 15,000 patacas, while six specific types of self-employed people such as taxi drivers, tourist guides and fisherfolks, will receive 10,000 patacas each.
Officials noted that the subsidy for eligible self-employed professionals will depend on their net profit between 2019 and 2021, with a maximum of 300,000 patacas each, while eligible business operators can get a subsidy of up to 500,000 patacas, depending on their average operating costs between 2019 to 2021.
According to the officials, the plan will also provide tax relief, including rebates on tourism tax and housing tax, refunds on specific administrative costs for hotels, catering firms and other selected businesses in 2022, as well as a rebate on a road tax for vehicles used exclusively for commercial activities paid in 2022.
The officials also announced an interest subsidy of up to 5 million patacas on business bank loans.
For the taxi sectors, the officials said, there will be a subsidy of 6,000 patacas for taxi repair costs, and a monthly subsidy for the taxi sector, based on the number of hours the cab was operating in the first half of this year.
In addition, in order to boost the local economy by expanding domestic demand after the COVID-19 pandemic, the government will launch some lucky draw activities for consumers who spend more than 200 patacas at selected shops.
The officials noted that the government will be speeding up procedures for the implementation of this new round of economic support measures.
For more information on the government’s financial support plan, please visit the Secretariat for Economy and Finance’s (GSEF) official website https://www.gsef.gov.mo/zh/posts/5911.
Secretary for Economy and Finance Lei Wai Long (Left), Economic and Technological Development Bureau (DSEDT) Director Tai Kin Ip (Centre), and Financial Services Bureau (DSF) Director Iong Kong Leong address the government’s COVID-19 press conference on Sunday. Photo: Tony Wong
