Macau Yearbook 2013 - Macao Yearbook

Economythe general comprehensive government budget – reflects the results of implementing the generalcomprehensive budget as well as the year-end financial situation, and is prepared according tocash-basis accounting.The second part – the budget of specific organisations – adopts accrual accounting to reflect theoverall operating results of six specific organisations. The Financial Services Bureau is required tosubmit the information necessary for the General Accounts of the Macao Special AdministrativeRegion to the Commission of Audit within five months of the end of a financial year, to facilitatethe audit process.Management of Public PropertyThe Public Property Management Department under the Financial Services Bureau is responsible forthe management and maintenance of the durable assets of the Government. This includes carryingout procedures related to trading in the Government’s physical property, assisting with clarificationof the characteristics of vehicles owned by each Government department, holding open tenders forgoods and services required by the Government, organising and updating records of durable assetsand lists of assets, and analysing the tangible asset accounts of public departmentsTo implement the above responsibilities, the Financial Services Bureau holds public auctionseach year for confiscated goods or goods which are deemed unusable by Government departments.To increase its revenue, the Government announces auction dates and ensures that auctions adhereto the principle that the highest bid wins. The Financial Services Bureau conducts open tendersfor goods and raw materials needed by the Government. The tender agenda is published in localnewspapers, the Macao SAR Gazette and the Financial Services Bureau website. Natural personsor companies already registered with the Business Registration Centre of the Financial ServicesBureau as engaging in businesses related to items included in the tender can participate in thebidding for all or part of the commodities. The winner is the bidder who makes the best offer interms of price, quality of goods and delivery date. The judging criteria also include the quality ofgoods provided previously and any record of overrulings.The management of public property also includes the duty of allocating and managingGovernment quarters and parking lots, as well as the maintenance of such quarters. Other dutiesinclude renting offices, warehouses, housing and car parks, as well as making recommendationson the usage of Government-owned properties and community and infrastructure facilities, andhandling property and facility transfers.Sources of Tax RevenueGovernment Tax RevenueTax income provides funds for the administrative activities of all public entities. Macao hasadopted a simple taxation structure with low tax rates. The annual assessment period is from1 January to 31 December. Taxes levied in Macao include gaming tax, business tax, corporateincome tax, personal income tax, real estate tax, tourism tax, motor vehicle tax and asset transferstamp duty.159