VAT, Excise Tax revenues hit Dhs173.6 billion till 2023

Younis Haji Al Khouri, Under-Secretary of the Ministry of Finance (MoF), announced that total revenues collected from Value-Added Tax (VAT) and Excise Tax at both the federal and local levels have reached Dhs173.6 billion since implementation until the end of the fiscal year 2023.

Al Khouri further elaborated that VAT revenues at the state level reached Dhs159.57 billion since implementation, while the federal government collected approximately Dhs47.87 billion during the same period.

Excise Tax collections at the state level totalled Dhs14.07 billion since implementation, with the federal government having collected approximately Dhs5.2 billion during the reference period.

Al Khouri also noted that the estimated total expenditures of the federal general budget for fiscal year 2024 are Dhs64 billion, with expected revenues of Dhs65.7 billion. This results in an anticipated surplus of approximately Dhs1.7 billion.

The federal budget cycle for the years 2024-2026 is projected to be around Dhs192 billion.

Meanwhile, Hamid AlZaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF), participated in a high level anti-money laundering (AML) roundtable convened on the sidelines of the thirty-third session of the United Nation’s Commission on Crime Prevention and Criminal Justice.

The roundtable was hosted by Ghada Fathi Waly, Director-General/ Executive Director of the United Nations Office at Vienna (UNOV)/United Nations Office on Drugs and Crime (UNODC). It featured senior global figures in anti-financial crime including T. Raja Kumar, President of the Finanical Action Task Force (FATF), and Jurgen Stock, Secretary-General of Interpol.

The roundtable addressed strengthening international cooperation in combating financial crimes, which in turn contributes, through international partners, to strengthening the strategic objectives of the United Nations Office and its mission to achieve peace and security and promote human rights and development by making the world safer from drugs, crime, corruption and terrorism.

Al Zaabi emphasised the UAE’s high commitment to combating financial crimes and prioritising effective international cooperation and multilateral solutions. “The work carried out by our country in recent years has undoubtedly led to improvements in technical compliance, but the greatest achievement lies in the impact of these improvements on effectiveness,” he noted.

He added, “As financial crime typologies are evolving, the misuse of new technology is more common than before, including cybercrimes, electronic fraud, and risks of virtual assets. Tangible progress has been made in developing the appropriate regulatory framework for monitoring and combating these activities and mitigating their risks. Instead of considering this as a momentum, we must recognise that our progress is just a step along a continuous journey that requires concerted efforts and active engagement with our international counterparts in combating financial crime globally.”

The Director-General paid tribute to the critical role that the Commission on Crime Prevention and Criminal Justice and the UNODC play in improving international action to combat national and transnational crime, and the efficiency and fairness of criminal justice administration systems cannot be understated.

He assured that the MoU signed between the EO AML/CTF and the UNODC in October 2022 underscores the robust coordination between the two parties in combatting money laundering crimes

Meanwhile, Etihad Cargo, the cargo and logistics arm of Etihad Airways, has announced its complete readiness for the UAE Pre-Loading Advance Cargo Information (PLACI) regulations, ensuring that partners and customers will experience no disruptions in their shipments.

PLACI is an advanced security measure designed to enhance the monitoring and safety of air cargo. It mandates the submission of cargo data to regulatory authorities for risk assessment prior to loading, thereby enhancing the security of the supply chain. This protocol is crucial for addressing potential threats early and supporting the seamless flow of commerce by ensuring that all cargo is risk-assessed before it is loaded onto an aircraft.

The UAE’s National Advance Information Centre (NAIC), under the Federal Authority for Identity, Citizenship, Customs and Port Security, is the first country outside of North America and Europe to implement a PLACI regime. Additional countries are planning to roll out PLACI, indicating a growing global commitment to bolstering the security of the air cargo supply chain against evolving threats.

As the national carrier of the UAE, Etihad Cargo is fully committed to the successful implementation of the UAE’s PLACI initiative and has integrated UAE PLACI standards into its global operations.

“As a combination carrier operating both passenger and freighter flights, the security and safety of guests, staff and the aircraft is a top concern for Etihad Cargo. As a cargo carrier, Etihad Cargo plays a significant role within the supply chain and has an increased responsibility to act as a filter and aid compliance. The early and comprehensive adoption of UAE PLACI protocols demonstrates Etihad Cargo’s dedication to security and a proactive approach to regulatory compliance,” said Stanislas Brun, Vice President Cargo at Etihad Cargo.

“By ensuring that all security measures are addressed prior to loading, Etihad Cargo’s operations not only enhance safety, compliance and security but also provide partners and customers with peace of mind, knowing their cargo is handled with the utmost care and professionalism.”

Mubarak Alghafli, Executive Director at NAIC, stated, “In 2020, UAE-PLACI was launched to facilitate the movement of trade throughout the country’s borders and to take the necessary security measures to provide the safety of aircraft along with the people travelling on them. Therefore, airlines have been complying with the National Advance Information Centre - UAE requirements, especially by implementing the UAE-PLACI, which is supported by the International Air Transport Association (IATA), and following IATA’s standards implementation guidelines.”

“Etihad Cargo has been collaborating closely with NAIC and is one of the four carriers that participated in the PLACI pilot. Etihad Cargo has played an important role in the success of the UAE-PLACI as the result of the tremendous cooperation and efforts made by the Etihad Cargo team, which helped us to develop a visible cutover plan for the UAE-PLACI that has already been accomplished,” said Alghafli.

WAM