Al Tayer: UAE has no intention to raise tax rates
Chetan Suri
<p>Minister says no plans to increase VAT, excise rates in next 5 years.</p> <p>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.</p> <p>“If you’re referring to the next five years, we don’t see anything [relating to] increasing the <a href="http://gulfnews.com/business/economy/vat">VAT</a> 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.</p> <p>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.</p> <p>Source: http://gulfnews.com/business/economy/vat/al-tayer-uae-has-no-intention-to-raise-tax-rates-1.2171247</p>