May 11, 2020 / 8:56 AM / 22 days ago

UAE not planning VAT hike, finance minister tells Al Arabiya

DUBAI, May 11 (Reuters) - The UAE has no plans to increase its value-added tax rate, its finance minister told Al Arabiya TV on Monday, after Saudi Arabia said it would triple its rate.

Saudi Arabia on Monday said it would raise VAT to 15% from 5% from July 1, seeking to shield finances hit by low oil prices and a slump in demand for its lifeline export worsened by the new coronavirus. (Reporting by Hadeel Al Sayegh; Writing by Lisa Barrington; Editing by Hugh Lawson)

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