The fund indicated, according to its latest reports, that the UAE’s efforts to boost revenues included imposing a corporate tax starting from fiscal years beginning in June 2023 or later.
The Fund pointed out that the UAE’s financial situation continued to improve significantly, as it continued to achieve a surplus since 2021, thanks to the rise in oil revenues and in conjunction with the increase in spending.
The Fund indicated that the UAE government remains committed to maintaining a prudent financial position, while the country’s financial and external surpluses are expected to remain high against the backdrop of rising oil prices, as the average government fiscal balance is expected to reach 3.8 percent of GDP over the medium term.
It is noteworthy that the Arab Monetary Fund had expected the UAE economy to grow by 3.9 percent in 2024, rising to 6.2 percent next year, 2025.
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