Macao is a highly open city of commerce and trade. It has a strategic location and well developed infrastructure. Being a free port as a separate tariff region, not only raw materials and capital goods are free from import tariff, but also there is no restriction on foreign exchange and movement of capital. Macao also has a highly attractive fiscal system with very low levels of taxation. Tax levied on corporate profits does not exceed 12%, which is the lowest in the region.