The UAE has collected more than $47bn in VAT and Excise tax since they were implemented, according to new data.
Younis Haji Al Khouri, Under-Secretary of the Ministry of Finance (MoF), announced that total revenues collected from Value-Added Tax (VAT) and Excise Tax at both the federal and local levels have reached AED173.6bn ($47.3bn) since implementation until the end of the fiscal year 2023.
Al Khouri further elaborated that VAT revenues at the state level reached AED159.57bn ($43.4bn) since implementation, while the federal government collected approximately AED47.87bn ($13bn) during the same period.
UAE tax revenues
Excise Tax collections at the state level totalled AED14.07bn ($3.8bn) since implementation, with the federal government having collected approximately AED5.2bn ($1.4bn) during the reference period.
Al Khouri also noted that the estimated total expenditures of the federal general budget for fiscal year 2024 are AED64bn ($17.4bn), with expected revenues of AED65.7bn ($17.9bn).
This results in an anticipated surplus of approximately AED1.7bn ($463m).
The federal budget cycle for the years 2024-2026 is projected to be around AED192bn ($52.3bn).
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