VAT Contributed 5.5% To Country’s Overall Revenue In 2018
Muhammad Irfan 2 months ago Tue 10th December 2019 | 07:30 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 10th Dec, 2019) Tax revenue, including VAT, amounted to 5.5 percent of the total public revenue last year while oil revenues and the profits of public joint-stock companies accounted for 36.1 percent and 32.9 percent, respectively, according to the Ministry of Finance, MoF.
The Federal Government adopted a VAT rate of 5 percent at the start of 2018, to promote economic growth in isolation from oil revenues and increase the state’s ability to continue providing educational and health services and public facilities.
Recent studies by the ministry pointed out that the budget surplus in 2018 resulted from the growth of general revenue by 13.3 percent, which surpassed the rate of public spending growth of 4.2 percent.