VAT revenues in the UAE will be distributed between the federal and local governments.
It comes after the UAE Cabinet approved the decision on Thursday.
In total, revenues from the taxation total around AED 27 billion.
According to the decision 30 percent of that will go to the federal government while and 70 percent to local governments.
VAT was introduced in the UAE on January 1 2018 with the rate set to five per cent.
ADNOC, Gecko Robotics sign deals to accelerate AI, robotics, skills training
ADNOC and Gecko Robotics have expanded their strategic partnership with three new agreements to explore deploying robotics and artificial intelligence (AI) across ADNOC’s operations and boosting future skills training for UAE nationals.
Maktoum bin Mohammed chairs Board meeting of Federal Tax Authority
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and Chairman of the Board of the Federal Tax Authority (FTA), chaired the latest FTA Board meeting, during which he reviewed development projects.
UAE’s first AI-designed business complex launched in Sharjah
Al Marwan Developments has launched its pioneering project, “District 11”, the UAE’s first smart work resort designed using artificial intelligence, setting a new benchmark for urban innovation and economic vitality in Sharjah and the wider UAE.
ADNEC Group to host two of world’s largest events simultaneously in Abu Dhabi, London
ADNEC Group is set to demonstrate its international prowess by simultaneously hosting two of the world’s largest events at Excel London and ADNEC Centre Abu Dhabi from November 3-6.
China's Xi pushes for global AI body at APEC in counter to US
Chinese President Xi Jinping took centrestage at a meeting of APEC leaders on Saturday to push a proposal for a global body to govern artificial intelligence and position China as an alternative to the United States on trade cooperation.
In line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) has announced the resumption of food aid deliveries worth AED43 million to the Gaza Strip,
Under the directives of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, Future Health – A Global Initiative by Abu Dhabi (Future Health) has been launched by the Department of Health – Abu Dhabi (DoH).
Toll gate operator Salik said it will charge peak-hour fees on Sunday, November 2, as the Dubai Fitness Challenge's first flagship event - Dubai Ride - gets underway.
