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At Hai Madina Supermarket in Fujairah, UAE.

PHOTO BY 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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