Coronavirus: UAE has no plans to increase VAT, says Ministry of Finance

Coronavirus: UAE has no plans to increase VAT, says Ministry of Finance

The UAE has no plans for a value added tax (VAT) rate hike, following the news that Saudi Arabia would be tripling its rate from 5 percent to 15 percent, the UAE Ministry of Finance told Al Arabiya on Monday.. Earlier on Monday, Saudi Arabia announced a variety of economic measures that would be put in place to combat the economic fallout of the coronavirus, including a VAT rate increase .. Only a vaccine will stop coronavirus in its tracks.