According to CCTV, Macau has passed legislation to give tax incentives to science and technology companies. The preferential tax system is applicable to enterprises engaged in scientific and technological innovation business, especially enterprises that apply relevant scientific and technological innovation achievements in new-generation information technology, artificial intelligence, integrated circuits and other fields.

The Legislative Council of the Macao Special Administrative Region held a plenary meeting on the 21st, and passed the bill “Tax Preferential System for Enterprises Engaged in Technological Innovation Business” in detail. According to the Act, enterprises engaged in innovative inventions or technological innovation businesses that apply scientific knowledge, technology or processes in an innovative way in product manufacturing or service provision can enjoy tax incentives such as stamp duty, housing tax, supplementary income tax, and employee occupational tax. The bill will take effect on April 1 this year.

The bill also mentions that the preferential tax system is applicable to enterprises engaged in technological innovation, especially the application of relevant technological innovations to new generation information technology, artificial intelligence, integrated circuits, biomedicine, traditional Chinese medicine, energy conservation and environmental protection, marine engineering, Businesses in the fields of nutrition, new energy, aerospace, etc. or enterprises with innovative inventions in this field.

The Macao SAR government stated in its statement of reasons for enacting the Act that in order to cooperate with the implementation of the development plan of the Guangdong-Hong Kong-Macao Greater Bay Area, promote the establishment of an international science and technology innovation center in Macao and a modern industrial system with international competitiveness, and attract foreign companies engaged in technological innovation business Settling in Macau, and thus promoting the long-term development of innovation and technology in Macau, strengthening the competitiveness of enterprises, and promoting the diversification of industries in Macau, it is necessary to implement and formulate preferential tax measures to encourage technological innovation.