Abu Dhabi-Mubasher: The UAE is expected to collect revenues worth AED 10-12 billion from introducing value-added tax (VAT) from the first year, said Younis Haji Al Khouri, the undersecretary of the UAE's Ministry of Finance.
On the sidelines of the finance deputy ministers’ conference held in Abu Dhabi, he added that it is agreed to apply zero tax on major sectors related to education, healthcare and food.
He added that VAT will be paid on the difference in cost between raw materials coming in and products going out.
Al Khouri expected GCC will impose VAT on the sectors agreed on as of 2008, but governments should first unify taxation policy.
He went to say that committees and team works were formed to study the socio-economic impact of 3-5% VAT.
The UAE is still studying a proposal to impose taxes on companies, Al Khouri said
