Tax, VAT

UAE finance ministry official says countryhas no plans to raise 5 per cent VAT

 alnuaimi  November 11, 2020

 922  Closed

The UAE has reiterated that it doesn’t t have any plans at the moment to raise its 5 per cent value added tax (VAT) after Saudi Arabia tripled the levy and Oman said it plans to start imposing it from April.

The second-biggest Arab economy is continuing to modernize its tax policies for economic growth, the state-run news agency reported, citing Saeed Rashid Al Yateem, assistant under-secretary of resources and budget sector at the Ministry of Finance. The UAE implemented 5 per cent VAT at the start of 2018.

VAT revenue in the first eight months of the year was Dhi1.6 billion ($3.2 billion) and excise tax collection at Dh1.9 billion, according to WAM.

News Courtesy : Gulf News

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