VAT Effect in UAE Economy
According to Ministry of Finance, the new tax system in UAE will bring positive impact and development in the country. Younis Haji Al Khoori, Under-Secretary at the Ministry of Finance, said that UAE is keen to implement an effective tax system that considers the country’s future direction and protects its economic attractiveness and competitiveness. The VAT will provide additional revenue to the country and will able to improve its services and expand its infrastructure to be more internationally competitive.
The tax rate is among the lowest rate compared to other countries. The implementation of the tax system is based on the 10 year careful study of Ministry of Finance and other international specialist.