Our Calvin Chui has contributed with an article for Lexology: Tax Benefits for Investment Funds under Macau’s 2026 Budget Law and the Finance Bureau’s New Application Guidelines.

The article provides a detailed analysis of the three-tier tax incentive regime introduced under Article 26 of Macau’s 2026 Budget Law (Law No. 13/2025) and the Finance Bureau’s recently issued Circular No. 002/DIR/2026, which outlines the practical compliance pathway for fund operators.

Key highlights covered in the article:
• Three-Tier Tax Incentives: 5% profits tax and full carried interest exemption for managers, plus tax exemptions for funds and investors.
• Substance Requirements: Qualification requires MOP 300 million minimum AUM, three local employees, and a Macau office.
• Application Procedure: Two-step process requiring an AMCM binding opinion before filing with the Finance Bureau (DSF).
• Compliance Obligations: Alignment with Group A tax returns, property transfer rules, and ongoing transfer pricing compliance.

Read the full article here.