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The UAE Economy Looks In Great Shape After VAT Added A Sizable Contribution

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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.

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

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