UAE's VAT and Excise Tax Revenues Hit AED173.6 Billion

Younis Haji Al Khouri, Undersecretary 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 AED173.6 billion since implementation until the end of the fiscal year 2023.

Al Khouri further elaborated that VAT revenues at the state level reached AED159.57 billion since implementation, while the federal government collected approximately AED47.87 billion during the same period.

Excise Tax collections at the state level totalled AED14.07 billion since implementation, with the federal government having collected approximately AED5.2 billion during the reference period.

Al Khouri also noted that the estimated total expenditures of the federal general budget for fiscal year 2024 are AED64 billion, with expected revenues of AED65.7 billion. This results in an anticipated surplus of approximately AED1.7 billion.

The federal budget cycle for the years 2024-2026 is projected to be around AED192 billion.

News Source: Emirates News Agency