The UAE Ministry of Finance (MoF) has revealed that the total revenues collected from Value-Added Tax (VAT) and Excise Tax since their implementation until the end of 2023 have reached Dh173.6 billion.
VAT revenues at the state level reached Dh159.57 billion since implementation, while the federal government collected approximately Dh47.87 billion during the same period, Younis Haji Al Khouri, Under-Secretary of the MoF, said in a statement.
Excise Tax collections at the state level totalled Dh14.07 billion since implementation, with the federal government having collected approximately ADh5.2 billion during this period.
The UAE’s estimated total expenditures of the federal general budget for the fiscal year 2024 are Dh64 billion, with expected revenues of Dh65.7 billion, Al Khouri said This results in an anticipated surplus of approximately Dh1.7 billion.
The federal budget cycle for the years 2024-2026 is projected to be around Dh192 billion.
