No plans to hike VAT in the UAE, officials reiterate
- Date: 10-Nov-2020
- Source: Gulf Business
- Sector:Financial Markets
- Country:UAE
No plans to hike VAT in the UAE, officials reiterate
The UAE has no immediate plans to scale value added tax (VAT), officials have confirmed.
Saeed Rashid Al-Yateem, assistant undersecretary for Resources and Budget Affairs, reasserted the stance of not increasing VAT at present, underscoring the assurance issued in May earlier this year.
Read: No plans to hike VAT in the UAE - ministry
The federal government's share represents 30% of the excise tax revenue on other selected goods, including energy drinks, soft drinks and drinks containing added sugar. HE affirmed that there are no plans or decisions at the moment to raise #VAT to more than 5% in the #UAE.
“” Ministry of Finance (@MOFUAE) November 10, 2020
Total VAT revenues amounted to Dhs11.6bn from the beginning of January until the end of August 2020, while the total revenue of excise tax for the
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