Abu Dhabi – Mubasher: Any increase in the percentage of the value-added tax is currently off the table, the UAE Minister of Finance Hamdan bin Rashid Al Maktoum on Saturday stated.
The levy of the VAT is still in its early stages, and the increasing of its rates will not be considered either in the short or the medium-run, bin Rashid told CNBC Arabiya.
The VAT will not be raised in a minimum period of 5 years, in order to evaluate the introduction of the new tax, the top official concluded.
The UAE began to impose a 5% VAT as of the first of January 2018.
