Social tax credits finalised by end-2007

Deputy Finance Minister Sommai Phasee said on Wednesday that the ministry will finalise details on tax deductions for social contributions by the middle of December.

The ministry is working on the details after the Cabinet on December 22 agreed in principle to provide tax credits to contributions for social causes. This policy is aimed to encourage the wealthy to make higher contributions.

Sommai said that a lot of details are involved with this move, mostly on the papers which would confirm the actual contributions which are entitled to the tax credits.

"A working committee will be set up to formulate the regulatory framework. The Revenue Department would need to find ways to close all loopholes. The process should be completed by the end of November of mid-December at the latest as my last job. Personally, I want it to be completed before His Majesty the King's 80th birthday celebration," Sommai said.

- The Nation

Lee family campaign
The Lee family has launched a brand-building strategy upon entering its 19th year in the Chinese-restaurant....
Gaming remains the mainstay of Macau's economy
Despite new attractions and new products, the gaming industry will remain the biggest revenue contributor to....

{literal} {/literal}

Social tax credits finalised by end-2007

Deputy Finance Minister Sommai Phasee said on Wednesday that the ministry will finalise details on tax deductions for social contributions by the middle of December.

OTHER BUSINESS

Lee family campaign

Gaming remains the mainstay of Macau's economy

Top Stories