The United Arab Emirates (UAE) has reached a significant milestone in its tax collection journey, with a total of $47.3bn collected in VAT and Excise Tax revenues since implementation.
According to Younis Haji Al Khouri, Under-Secretary of the Ministry of Finance (MoF), VAT revenues at the state level have reached a staggering $43.4bn since implementation. The federal government has collected approximately $13bn during the same period.
Excise Tax collections have also shown a significant increase, with the state collecting $3.8bn and the federal government collecting $1.4bn since implementation.
The estimated total expenditures of the federal general budget for fiscal year 2024 are expected to be around $17.4bn, with expected revenues of $17.9bn. This is expected to result in a surplus of approximately $463m.
The federal budget cycle for the years 2024-2026 is projected to be around $52.3bn.
This significant milestone marks a key achievement in the UAE’s efforts to diversify its economy and increase non-oil revenues.
JobXDubai 
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