UAE: No Plans to Increase VAT Rate

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UAE has no plans to increase its VAT (value-added tax) rate, the country’s finance minister said after Saudi Arabia said it would triple its rate.

Saudi Arabia on Monday said it would raise VAT to 15 per cent from 5 per cent from July 1, seeking to shield finances hit by low oil prices and a slump in demand for its lifeline export worsened by the new coronavirus.

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