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.
World Bank approves $700 million for Pakistan's economic stability
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China's ByteDance signs deal to form joint venture to operate TikTok US app
TikTok's Chinese owner, ByteDance, has said it has signed agreements with three major investors to form a joint venture to operate TikTok's US app led by American and global investors on Thursday.
India reviewing allegations of antitrust breaches by IndiGo
India's competition regulator said on Thursday it was reviewing allegations of antitrust violations by budget airline IndiGo following recent flight disruptions that hit air travel nationwide.
DXB and DWC boost winter schedules with new routes
Dubai Airports has entered the winter travel season with one of its strongest networks in history, as Dubai International (DXB) and Dubai World Central - Al Maktoum International (DWC) welcome new airlines and expanded connectivity to meet rising seasonal travel demand.
Amazon in talks to invest in OpenAI
Amazon.com Inc is in discussions to invest in OpenAI, the developer of ChatGPT, in a potential deal that could value the artificial intelligence company at over $500 billion, a source familiar with the matter said on Tuesday.
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Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.
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