The UAE has no plans to raise the rate of value-added tax (VAT) in the near future, according to Minister of State for Financial Affairs Obaid Al Tayer.
“If you’re referring to the next five years, we don’t see anything [about] increasing the VAT rate of the excise tax,” Al Tayer told reporters at the Arab Fiscal Forum, according to Arabian Business.
VAT was introduced at the start of 2018 at 5%.
“I also want to confirm that there aren’t any subsidies or any legislation or any legislation regarding introducing income tax,” he added.
Saudi Arabia issues 7 new VAT guidelines to support registered companiesThe Saudi General Authority of Zakat and Tax (GAZT) has issued seven guidelines for various sectors related to tax transactions and implementation. ... Economy
Online shopping purchases subject to VAT in UAEThe Federal Tax Authority (FTA) has confirmed that all purchases made through online shopping portals are subject to the same 5% Value Added Tax (VAT) ... Economy
Saudi Arabia, UAE introduce VAT in first for GulfSaudi Arabia and the United Arab Emirates introduced value-added tax from Monday, a first for the Gulf. Saudi Arabia also announced a hike of up to ... Economy