The UAE reveals the amount of VAT revenue from January to September
Today, the Ministry of Finance revealed that total value-added tax revenues amounted to 11.6 billion dirhams from the beginning of January to the end of August.
The Ministry also announced an increase in the total excise tax revenues of the state for the same period by approximately 47% ... compared to the same period in 2019, with a value of about 1.9 billion dirhams.
His Excellency Saeed Rashid Al-Yateem, Assistant Undersecretary for Resources and Budget Affairs, indicated that "VAT revenues of 30% were distributed to the federal government and 70% to local governments."
He noted that “the federal government's share of the excise tax revenue on tobacco and its products represents 45% and 55% for local governments ... while the federal government’s share represents 30% of the excise tax revenues on other selective goods .. such as energy drinks, soft drinks and sugar sweetened ones. Additive ”.
He added, "The tax revenues will contribute to the continuation of the implementation of development projects in accordance with the plans targeted by the government of the United Arab Emirates ... and to alleviate the repercussions of the spread of the Corona epidemic."
His Excellency affirmed that there are no plans or decisions at the present time to increase the value-added tax rate to 5% in the country.
The resulting tax revenue amounted to about 31 billion dirhams, compared to about 29 billion dirhams in 2018 ... where the growth rate of total tax revenues for the year 2019 was about 7% compared to 2018.
The UAE began implementing value-added tax on January 1, 2018, at a basic rate of 5% on most goods and services that are supplied at every stage of the supply chain.
