The total revenue of the UAE from value-added tax, since its implementation in 2018 until the end of October 2021, amounted to more than 95.4 billion dirhams.
The total revenue distributed at the state level for the selective tax for the same period amounted to more than 8.6 billion dirhams, according to what Younis Al-Khoury, Undersecretary of the Ministry of Finance said.
Al-Khoury told (WAM), that the Ministry of Finance is currently working with the Central Bank of the Emirates, all financial authorities and specialized experts to develop the local debt market in the UAE dirham by issuing a tool appropriate debt by the state thus facilitating the development of the long-term yield curve of the dirham.
He explained that the most prominent and important achievements of the Public Debt Office at the Ministry of Finance is the success of the external issuance of the Federal Government of the UAE and the inclusion of the first issue of sovereign bonds worth $4 billion.
The UAE has implemented the selective tax as of October 1, 2017, which is an indirect tax imposed on certain goods that are harmful to human health or the environment. Whereas, the value-added tax began to be applied on January 1, 2018, at a basic rate of 5% on most goods and services supplied at each stage of the supply chain.
