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VAT, Excise Tax revenues reach Dh173.6 billion until 2023: MoF Under-Secretary

VAT, Excise Tax revenues reach Dh173.6 billion until 2023: MoF Under-Secretary
14 May 2024 14:18

ABU DHABI (WAM)

Under-Secretary of the Ministry of Finance (MoF), Younis Haji Al Khouri, announced that total revenues collected from Value-Added Tax (VAT) and Excise Tax at both the federal and local levels have reached Dh173.6 billion since implementation until the end of the fiscal year 2023.

Al Khouri further elaborated that 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.

Excise Tax collections at the state level totalled Dh14.07 billion since implementation, with the federal government having collected approximately Dh5.2 billion during the reference period.

Al Khouri also noted that the estimated total expenditures of the federal general budget for fiscal year 2024 are Dh64 billion, with expected revenues of Dh65.7 billion.

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.

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