The UAE Economy Looks In Great Shape After VAT Added A Sizable Contribution
The numbers are in.
VAT was introduced to the UAE on January 1, 2018 and it has provided a sizable contribution to UAE revenue ever since, with 5.5% of public revenue coming from VAT, according to The Ministry of Finance
Meaning the decision to apply VAT has meant good things for the budget overall, bringing the budget to a surplus of 2.2% in 2018 versus a 0.2 % deficit the previous year.
The news comes as Dubai Media Office just announced an increasing GDP, which come at a critical time, as the country decreases its dependency on oil revenue.
VAT contributed 5.5% to country’s overall revenue in 2018#wamnews https://t.co/rrl3hdLahg
— WAM English (@WAMNEWS_ENG) December 10, 2019
Oil still accounts for 36.1% of revenue
Oil revenue amounted to 36.1% and public joint-stock companies accounted for 32.9% according to reports.
Dubai Media Office also announced the positive GDP forecast until 2021
#Dubai real GDP projected to grow 2.1% this year, 3.2% in 2020 and 3.0% in 2021 according to @Dubai_DED.
— Dubai Media Office (@DXBMediaOffice) December 10, 2019
