70% of UAE's VAT revenue to be used by local governments.
Summary: The remaining 30 per cent would go into the federal budget, Sheikh Mohammed said.
Chairing the cabinet meeting on Sunday, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, approved the distribution of revenue from value-added tax (VAT) and said local government would receive 70 per cent of the revenue. This would be used to improve local services, community development, and wider support of UAE residents. The remaining 30 per cent would go into the federal budget, Sheikh Mohammed said. The Dubai Ruler also announced the appointment of the administrative board of the Federal Authority for Nuclear Regulation (FANR). He said on his Twitter account that the UAE is proud to be the first Arab country to produce energy from nuclear reactors, adding that the first reactor will get into service in 2018. "Our target is to establish many great developing and services projects for our citizens, and the government would be transparent about the nature of those projects, and will strictly monitor the markets to prevent raising the prices, and it will keep consulting the people to improve all what provides them and their families with good living."
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|Publication:||Khaleej Times (Dubai, United Arab Emirates)|
|Date:||Jan 7, 2018|
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