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Complement Income Tax

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Complement Income Tax (Income Tax)

Target of taxation :
Any local enterprise and branch company (which is set up in Macau) which run their commercial activities in this territory.
b. Tax calculation includes:
i. The net profit, which is the total sum of income earned from the individual commercial activities and employment and after the deduction of the related expenses.
ii. Any type of companies, according to the regulation of Complement Income Tax law, has to calculate the annual net profit earned from the commercial activities.
iii. Bonus or dividend that the shareholders or owners of shares received from the company of that year, before the deduction of taxation.

Group of taxpayer:
i. Taxpayer can be divided into group A or group B, their differences are as follows: Group ‘A’ taxpayer: Must have a complete accounting system. Must invite an auditor or accountant registered in the Financial Department.

The Financial Department will impose tax according to the taxable profit that auditor or accountant has signed.

The Financial Department accepts annual loss, and the loss can be deducted from the profit earned in the following three years.

Submit the form of liable taxation from April to June every year. Group ‘B’ taxpayer:
1. Need to have simple book keeping.
2. It is not compulsory to invite an auditor or accountant.
3. The Financial Department will estimate the tax it should imposed.
4. The Financial Department will not admit any losses.
5. Submit the form of liable taxation in February and March every year.

ii. The following companies will become Group ‘A’ taxpayer automatically:
1. Public Company.
2. Any type of companies, its capital is not lower than MOP$1,000,000, or the taxable profit is over MOP$50,000 in average in the recent three years.
3. Other individuals or organizations having a complete accounting system can submit the declaration form of joining into Group ‘A’ before 31 December of that taxable year. (Any firm or enterprise not belonging to the above mentioned is considered to be Group ‘B’ taxpayer.)

Period of taxation The Financial Department will send the notice of evaluation of taxable revenue of the past half year (M/5) from June to July every year.

If the taxpayer has any objection with the taxable amount, he can complain within 20 days from the day he received the letter.

If there is no objection, the Financial Department will send the notice of taxation (M/6) in the late August. Taxpayer has to pay the tax before the end of September.

Tax over MOP$3,000 can be paid equally in September and November.

Tax rate:
Annual Revenue Taxable revenue in that grade Tax Rate Tax in that grade Accumulated liable tax $ 200,000.00 --- --- --- --- $ 300,000.00 $ 100,000.00 9% $ 9,000.00 $ 9,000.00 $ 300,000.00 Above . 12% .

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