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Soaring VAT collection boosts tax revenue

Soaring VAT collection boosts tax revenue

The General Department of Taxation collected $1.54 billion in tax revenue during the first nine months of the year, a 29 percent increase compared to the same period last year, it said in a press release yesterday.

The figures provided showed value-added tax collections soared by 41.9 percent year-on-year during the first nine months of 2017, while profit tax revenue increased by 33.2 percent.

In addition, special tax revenue – which includes additional fees on automobile parts, cigarettes, beer and alcohol – increased by 12.5 percent year-on-year during the period, with salary tax growing by 4.2 percent.

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