DUBAI: The UAE will allocate 70 percent of the revenue from VAT to local governments across the seven emirates, the government announced.
Dubai Ruler and UAE Prime Minister, Sheikh Mohammed, announced the decision during the first UAE Cabinet session of the new year at the Presidential Palace in Abu Dhabi.
The Cabinet reviewed the implementation of VAT, including controlling the local markets to guard against any unplanned price hikes. It also reviewed the plan to distribute the revenues collected from the value added tax to local governments to ensure that tax revenues are used to support development project.
“The government will be transparent about the nature of these projects and firm in controlling the markets to prevent price hikes, and will continue to consult with citizens in order to serves their interests in the first place,” he added.
The government also adopted the UAE Water Security Strategy 2036, which aims to ensure the availability of safe water in sufficient quantities, during normal and emergencies situations.
