Wednesday 16 January 2019

HH Sheikh Mohammed

UAE to give 70pc of VAT revenues to local govts

ABU DHABI, January 7, 2018

The UAE Cabinet has decided to distribute 70 per cent of value added tax (VAT) revenues to local governments in the country, it was revealed today.
The UAE Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, chaired the first Cabinet session of the new ‎year, said a Wam news agency report.
‎The Cabinet reviewed the developments related to the implementation of VAT in the UAE and reviewed the plan to distribute the revenues collected from VAT to local governments to ensure that tax revenues are used to support development projects that serve and meet the needs of the community, it said.
"We have decided to distribute value added tax revenues in the UAE so that local governments will receive 70 percent of these revenues to achieve better local services, greater community development, and wider support for our citizens," Sheikh Mohammed said.
"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 affirmed.
Sheikh Mohammed highlighted the importance of choosing the year 2018 to be the "Year of Zayed". He ‎affirmed that "the achievements of the UAE today are the fruits of the vision of our father and the ‎leader, the founder of the UAE". 
He added: "President His Highness Sheikh Khalifa bin Zayed Al Nahyan's directives to dedicate this year to our Founding Father is an opportunity for us to translate the ‎values that have been instilled in us into further achievements that serve our people and our country." 
The Cabinet also adopted the UAE Water Security Strategy 2036, which aims to ensure the availability of water in sufficient quantities and safe quality in accordance with international standards during normal and emergencies situations. The strategy includes a list of measures for enhanced water supply including, alternative water sources, emergency water production and distribution, storage mechanisms and water networking across the UAE and a number of legislative items.
The Cabinet also adopted the 'Manual on Measuring Productivity in the Federal ‎Government', which ‎‎‎explains the mechanism of performance and productivity in ‎the federal ‎government. It includes ‎‎directives for all ministries and government ‎‎entities to understand and measure the productivity of the ‎‎governmental ‎sector, Wam said. ‎ 

Tags: UAE | VAT | Governments |

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