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.
UAE, Mexico strengthen trade ties
The UAE and Mexico are working to boost trade and investment relations, with a focus on fostering partnerships between their private sectors.
Ethiopia to open stock exchange in drive for investors
Ethiopia was set to launch a stock exchange on Friday, the latest step in Prime Minister Abiy Ahmed's attempts to liberalise the struggling economy.
Supreme Court to hear fight over looming US ban on TikTok
Facing a looming ban in the United States, TikTok's fate will be in the hands of the Supreme Court in a case being argued on Friday that pits free speech rights against national security concerns over the widely used short-video app owned by Chinese company ByteDance.
Nvidia criticizes reported Biden plan for AI chip export curbs
Nvidia criticized a reported plan by the Joe Biden administration to impose new restrictions on AI chip exports, saying that the outgoing US leader should not "preempt incoming President Trump" by enacting a last-minute policy.
UAE advances tech cooperation with US partners at CES 2025
During his participation at CES 2025 in Las Vegas, a premier global technology event held in Las Vegas, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has met with senior US officials and business leaders, as the UAE and the US continue to explore ways to strengthen their strategic cooperation in advanced technology and innovation.
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Hear the highlights from the week gone by on Dubai Eye 103.8. Listen again to the best interviews, advice and the top stories that has gripped our conversation this week.
UAE President Sheikh Mohamed Bin Zayed Al Nahyan’s visit to the US to boost economic and technology ties including AI.
Apple Inc. shares fell Monday after a closely followed analyst warned that demand for the firm’s new iPhone 16 Pro model has been lower than expected. Is this a sign that the AI software just isn’t ready?
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