UAE - Mubasher: The UAE's total value-added tax (VAT) revenues reached AED 11.6 billion during the first eight months of 2020, the UAE Ministry of Finance (MoF) announced on Tuesday.
The UAE’s total excise tax revenue hiked by 47% to AED1.9 billion in the January-August period of 2020, when compared to the same period of 2019.
A total of 30% of the UAE's VAT revenue will be dedicated to the federal government, while the remaining revenue will be allocated to the local government.
The Assistant Under-Secretary of Resource and Budget Sector at MoF, Saeed Rashid Al Yateem, referred that the UAE is not planning at the moment to increase VAT to over 5%.
Al Yateem referred: "Tax revenues contribute to the continued implementation of development projects in accordance with the UAE government’s plans, and to mitigating the repercussions of the COVID-19 pandemic."
It is noteworthy to mention that in 2019, tax revenues amounted to AED 31 billion, up 7% from around AED 29 billion in 2018.
