Picture for illustration purposes only.
PHOTO BY ARCHIVE
DUBAI – More than two years after introducing value added tax (VAT), the UAE is not yet planning any increase, an official said.
Minister of State for Financial Affairs Obaid Al Tayer was quoted by Gulf News as saying that the country is “not concerned about the recommendations to increase the value added tax”.
Al Tayer’s statement came after the International Monetary Fund recommended doubling VAT.
The UAE started imposing a 5 percent VAT on January 1, 2018. According to government data, VAT revenues reached Dh27 billion so far.
At a recent Federal National Council meeting, Al Tayer said the UAE needs at least “three to five years to study the impact of VAT”. ICA/Expat Media
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