Mubasher: Revenues from the newly-imposed value-added tax (VAT) will allow the UAE to increase spending on infrastructure, development projects, and creating more jobs, according to the Ministry of Finance undersecretary Younis Al Khoori.
Introducing VAT will enable the Emirati government to build a sustainable knowledge-based economy and have a positive effect on its competitiveness, Al Khoori as cited by Arabian Business.
Education and health alongside other services will greatly benefit from the new tax, despite negative perceptions of its effects on the cost of living.
Applying the new tax came after years of research and in order to boost the UAE economy, and its competitiveness, Al Khoori added.
