UAE not planning to increase VAT, says minister

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Consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis.” byline=”staff reporter” caption=”At Hai Madina Supermarket in Fujairah, UAE. ” credits=”JONATHAN YBERA/EXPAT MEDIA”]

UAE not planning to increase VAT, says minister

 

DUBAI – The UAE has no plans to increase its Value Added Tax (VAT), the Ministry of Finance said as Saudi Arabia announced that it will triple its VAT.

On Monday (May 11), Saudi Arabia said it will raise VAT from 5 percent to 15 percent starting on July 1 to help the country survive the economic slump caused by the coronavirus pandemic.

Saudi Arabia to triple VAT starting July

In the UAE, the Ministry of Finance said there are no plans to increase VAT, which stands at five percent since it was introduced in 2018.

Al Arabiya newspaper quoted the UAE Ministry of Finance as saying that there are no plans to increase VAT in the country.

This was consistent with an interview in March with the Minister of State for Financial Affairs Obaid Al Tayer, who said the country is not planning any VAT hike.

UAE rules out VAT increase

In April, the UAE announced it would delay VAT payments from March 31 until May 28 as part of measures to support businesses struggling during the crisis. DAJ/Expat Media


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