VAT, Excise Tax revenues hit Dh173.6 billion till 2023
Total revenues from VAT and Excise Tax at federal and local levels have reached Dh173.6b
Abu Dhabi: Younis Haji Al Khouri, Under-Secretary of the Ministry of Finance (MoF), reported 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 during the same period, VAT revenues at the state level reached Dh159.57 billion, while the federal government collected approximately Dh47.87 billion.
Since implementation, Excise Tax collections at the state level have totalled Dh14.07 billion, with the federal government having collected approximately Dh5.2 billion.
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 2024-2026 is projected to be around Dh192 billion.
