DUBAI, May 12 (NNN-WAM) – The Ministry of Finance of the United Arab Emirates (UAE), ruled out any plans to raise the value added tax (VAT), following Saudi Arabia’s announcement of increasing the VAT, on Monday.
VAT was introduced in the UAE in 2018, at five percent on several goods and services.
Younis Haji Al Khoori, the finance ministry undersecretary, said, the ministry will reorient the financial resources, to prepare for the future and continued growth, to ensure the security and safety of the communities.
In a surprise move, Riyadh increased VAT rate from five to 15 percent, and also suspended the cost of living allowance to increase revenues, effective as of June, 2020.
