Owners of domestic housing units that are rented out are likely to get tax breaks of up to 3,500 patacas (US$437.50) next year, alongside with owners of owner-occupied flats.

This was disclosed today by the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, after he had discussed the Government budget for the fiscal year 2008 with members of the First Standing Committee of the Legislative Assembly.

Instead of waiving real estate tax for all owner-occupied flats and halving it for rental units as proposed in the Policy Address last month, he said the government was considering a unified 3,500 patacas tax reduction for all domestic flats next year.

With this reduction, owners of about 90 per cent of some 210,000 such units in Macao will be exempted from the levy in 2008, said Mr Tam.

He said the Government was also poised to introduce a one- to three-year lock-in period for first-time home buyers who would benefit from a stamp duty waiver.

Should these flats be re-sold during the lock-in period, the original owner would have to pay the stamp duty that was exempted earlier.

In the Policy Address, it was proposed that the stamp duty be waived for first-time buyers for domestic properties valued up to 3 million patacas (US$375,000). This waiver would only benefit Macao citizens.

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