Younis Haji Al Khouri, Under-Secretary of the Ministry of Finance (MoF), has announced that the cumulative revenues from Value-Added Tax (VAT) and Excise Tax, across both federal and local levels, have reached AED 173.6B ($47.3B) since their inception until the conclusion of the fiscal year 2023.
Al Khouri elaborated further, stating that VAT earnings at the regional level have amounted to AED 159.57B ($43.4B) since implementation, while the federal government has collected approximately AED 47.87B ($13B) during the same period.
Tax Revenues in the UAE Excise Tax collections at the regional level have totalled AED 14.07B ($3.8B) since implementation, with the federal government gathering around AED 5.2B ($1.4B) over the same timeframe.
Al Khouri also noted that the anticipated total expenditures of the federal general budget for the fiscal year 2024 are AED 64B ($17.4B), with expected revenues of AED 65.7B ($17.9B).
This translates to an expected surplus of approximately AED 1.7B ($463M).
The federal budgetary cycle for the years 2024-2026 is estimated to be around AED 192B ($52.3B).
