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UAE set to allocate 70 percent of VAT revenues
(MENAFN) UAE government declared that it is to distribute 70% of the VAT revenue to local governments all around the seven emirates.
The revelation was made by Dubai Ruler Sheikh Mohammed in Abu Dhabi at the Presidential Palace when the first 2018 UAE Cabinet session was taking place.
During the session, the Cabinet reexamined the VAT implementation among other matters including the plan to allocate the revenues composed from the VAT to local governments aiming to guarantee that tax revenues are used to backup development project.
Sheikh Mohammed stated "we have decided to distribute value added tax revenues in the UAE so that local governments will receive 70 percent of these revenues to achieve better local services, greater community development, and wider support for our citizens."
The revelation was made by Dubai Ruler Sheikh Mohammed in Abu Dhabi at the Presidential Palace when the first 2018 UAE Cabinet session was taking place.
During the session, the Cabinet reexamined the VAT implementation among other matters including the plan to allocate the revenues composed from the VAT to local governments aiming to guarantee that tax revenues are used to backup development project.
Sheikh Mohammed stated "we have decided to distribute value added tax revenues in the UAE so that local governments will receive 70 percent of these revenues to achieve better local services, greater community development, and wider support for our citizens."
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