Moody’s affirms A3 rating and stable outlook for Sharjah - The National

Moody’s affirms A3 rating and stable outlook for Sharjah - The National:

"Moody’s Investors Service has affirmed Sharjah's long-term A3 issuer rating and stable outlook thanks to its resilient and diversified economy and the introduction of revenue-raising measures such as value-added tax (VAT) in 2018. The UAE is introducing a five per cent value added tax on January 1 to offset dwindling government income from oil revenue. Moody's estimates that the impact of the revenue-raising measures in 2018 and 2019 is likely to hover around 6-9 per cent of 2016 revenues. "These measures will help to diversify government revenues away from a narrow base reliant on customs duties and proceeds from land sales," the rating agency said. "They should also assist the government's goal of reducing further its fiscal imbalance in the coming years.""



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