The Government has announced a host of tax exemptions and subsidies to stimulate the economy. These include healthcare vouchers, a 1,500 patacas annual textbook subsidy for students, a monthly 150 patacas electricity fee subsidy for all households and a four per cent interest plan for permanent residents without homes. Disclosing these measures in his Policy Address for the fiscal year 2009 in the Legislative Assembly this afternoon, the Chief Executive, Mr Edmund Ho Hau Wah, said the Government would also consider giving all residents another round of cash subsidy in the first half of next year, no less than that in the previous round announced last April. Mr Ho said the Government would work hand in hand with the residents and face the challenges brought about by the financial crisis. He urged the residents to get prepared for the imminent impacts of the global financial turmoil, be confident and work hard. To encourage homeownership, the Government would introduce a four per cent interest subsidy plan, which would only benefit permanent residents who currently without homes and buy flats of up to three million patacas. There would also be a down payment guarantee scheme: homebuyers pay a 10 per cent down payment with the Government guaranteeing a certain amount of the down payment. The sum guaranteed by the Government would not exceed 20 per cent of the price of the flat. Moreover, the Government would propose cutting property transfer stamp tax from three per cent to one per cent. The 150 patacas monthly electricity fee subsidy for all households would be extended from March 2009 to March 2010, which would cost the Government 320 million patacas. The textbooks subsidy for students receiving standard education would see them get 1,500 patacas a year starting in 2009/2010 academic year, costing the Government 126 million patacas a year. Residents would also get healthcare vouchers. Details of the plan would be revealed after thorough studies. The Government would extend some other tax cuts and exemptions as mentioned in the previous Policy Address, which would cost 1.1 billion patacas. To boost the economy and employment, the Government would increase spending on public infrastructure and projects to 10.2 billion patacas. To help guarantee the employment of local workers in gaming establishment, the Government would discuss with gaming operators and adequately support the industry. The Government would extend the measures to support low-income workers, a move announced last March. Low-income workers aged 40 and above would get 4,000 patacas per month minimum, with the Government paying the difference if their salaries fell short of 4,000 patacas. To support small- and medium-sized enterprises (SMEs), the Government would earmark 1.5 billion for the Industrial and Commercial Development Fund and optimise the loan schemes to SMEs. The Government would also help set up social enterprises with non-profit organisations and reduce unemployment. On social security, it would speed up establishing a retirement scheme for residents. Mr Ho also pledged to continue to diversify Macao’s industrial portfolio, improve the transport network and increase resources for education, healthcare and the arts. The Government budget for the fiscal year 2009 would total 44.7 billion patacas.
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