RIYADH: The total revenue distributed at the state level in the UAE for value-added tax has amounted to over 95.4 billion dirhams ($26 billion), since its implementation in 2018 till October 2021, the Emirates’ undersecretary of the minister of finance said.
Younis Al Khoury added that the equivalent figure for excise tax amounted to over 8.6 billion dirhams, Emirates News Agency reported.
He noted that the UAE achieved the strongest sovereign rating in the region by the International credit rating agency Moody’s, with a rating of Aa2 in creditworthiness.
Additionally, the Gulf state obtained a sovereign credit rating of AA- by the credit rating agency Fitch, indicating a stable outlook from both agencies.
This ministry currently works with the Central Bank of the UAE and financial authorities to develop the country’s local debt market.
This in turn facilitates the development of the long-term yield curve of the dirham, Al Khoury said.