VAT generated receipts of Dh11.6 million for the UAE in the first eight months of 2020. Image Credit: Ahmed Ramzan/Gulf News

Dubai: The UAE has reiterated that it doesn't have any plans at the moment to raise its 5 per cent value added tax (VAT) after Saudi Arabia tripled the levy and Oman said it plans to start imposing it from April.

The second-biggest Arab economy is continuing to modernize its tax policies for economic growth, the state-run news agency reported, citing Saeed Rashid Al Yateem, assistant under-secretary of resources and budget sector at the Ministry of Finance. The UAE implemented 5 per cent VAT at the start of 2018.

VAT revenue in the first eight months of the year was Dh11.6 billion ($3.2 bilion) and excise tax collection at Dh1.9 billion, according to WAM.