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FinancialNews
26-06-19
UAE exceeds expectations in VAT revenues
(MENAFN) Rating agency Moody's revealed that the United Arab Emirates (UAE) was able to beat all estimates in revenues of value added tax (VAT) last year.
Growth in VAT resulted in strengthening state coffers along with proving credit positive for the GCC nation, an analysis Moody's issued affirmed.
Moody's emphasized that "with non-oil sector growth still subdued, the strong VAT out-turn was largely attributable to higher than expected compliance with the new law."
According to the rating agency, "the government's 2018 and 2019 VAT revenue forecasts had included conservative assumptions regarding the level of compliance in the initial years of implementation."
It further added that compliance level is a "positive reinforcement of the UAE's high institutional strength."
MENAFN2606201900450000ID1098687731
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