20 JUN

No VAT, excise tax increase over next five years in UAE

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The UAE has ruled out increasing value-added tax (VAT) and excise tax over the next five years, said Obaid Al Tayer, UAE’s Minister of State for Financial Affairs.

The UAE, along with Saudi Arabia, implemented five per cent VAT and increased excise tax by 50 per cent on energy and carbonated drinks and doubled on tobacco products.

Speaking on the sidelines of the Arab Fiscal Forum held in Dubai on Saturday, Al Tayer noted that he doesn’t “expect increasing VAT or excise tax over the next five years. Moreover, there’s no study under consideration about introducing income tax as well in the country.”