UAE to implement 5% VAT

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The United Arab Emirates may soon set a value-added tax of 5 percent as part of a regional development plans, according to the undersecretary of the Ministry of Finance Younis Haji Al Khouri.

The process is still in “its early stages” as the Emirates just completed a study on the social and economic effects of the VAT, according to the interview.

It may take up to three years to fully implement the tax from the time its general principles are agreed upon collectively with the Gulf Cooperation Council. The implementation will take place “beyond 2013,” Mr. Al Khouri said.

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