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UAE Presents No-Deficit Budget For 2006

by Lorys Charalambous, Tax-News.com, Cyprus

30 December 2005


The United Arab Emirates' Finance Ministry has unveiled its 2006 Budget, revealing that it will have no deficit for the second consecutive year.

In 2005, the UAE authorities, for the first time since 1981, announced a balanced budget. They also revealed that there would be no new taxes or fees, as expected revenues were estimated to be close to the actual revenues.

In the budget for the coming year, recently approved by the Finance and Economy Committee and set to be submitted to the Cabinet shortly, education was made the top priority, with 37% of the expenditure allocation.

The healthcare and building sectors also benefited from spending increases.


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