Minister says no plans to increase VAT, excise rates in next 5 years.
Dubai: The UAE’s government has no intention of raising the current rate of Value-Added Tax (VAT) or excise tax in the medium term, Obaid Al Tayer, the country’s Minister of State for Financial Affairs confirmed.
“If you’re referring to the next five years, we don’t see anything [relating to] increasing the VAT rate or the excise rate. I also want to confirm that there aren’t any studies or any legislation regarding introducing income tax,” Al Tayer told reporters in Dubai on Saturday.
He pointed, however, that the UAE’s Ministry of Finance is still working on introducing corporate tax, but is in very early stages of that.