Abu Dhabi – Mubasher:
UAE Ministry of Finance undersecretary Younis Haji Al Khoori has denied what was mentioned in a new report by ratings agency Standard & Poor’s (S&P) that some GCC members may double the VAT to 10% from its current 5%, Al Khaleej newspaper reported.
S&P also forecast that the regional implementation of the VAT would increase government revenues by 1.7% to 2% from gross domestic product (GDP) on average, assuming that collection is successful by 50% to 60%.
