Business

11% Increase in Tax Revenue Over the Year 2014

In 2014, the general tax revenues in Yemen increased by 11% compared with 2013 revenues. The government registered high tax revenues in the Tax Authority history, despite the exceptional circumstances experienced by Yemen.

Undersecretary of the Tax Authority Abdullah al-Mohammadi stated that the revenue in 2014 amounted to 540.2 billion riyals with an increase of 52.2 billion riyals, or 11%. It was just 487.4 billion riyals in 2013.

Al-Mohammadi pointed out that the increase during December 2014 amounted to 10.7 billion riyals, while the target was 47.7 billion riyals.

“The income of taxes from its large taxpayers in their branches in Aden, Taiz, Hodeidah and Hadramout provinces amounted to 74% of the total revenue, collected and estimated at 398.2 billion riyals, an increase of 44.4 billion, while in 2013 revenues amounted to 353.8 billion,” said al- Mohammadi.

Al-Mohammadi added that they were able to achieve 94% of the budget for 2014 and the simple deficit is because of the economic situation in Yemen. The economic situation had a negative impact on various aspects of life in general as well as trade and investment activities in particular that led to the suspension of many facilities and commercial activities. Many foreign companies stopped their businesses and left the country. There was also a lack of supply of taxes owed to the public treasury from the Yemeni Oil Company.

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