UAE Finance Ministry Official Confirms No Plans for VAT Rate Increase in 2024

• UAE has no plans to introduce income tax or raise VAT in 2024
• Undersecretary of the Ministry of Finance confirms this at the World Government Summit
• The UAE introduced a 5% VAT in 2018
• The OECD rates UAE’s corporate tax regime for free zones as “not harmful”
• UAE maintains a good relationship with the OECD and manages tax administration effectively
• The corporate tax regime was introduced in 2023 to diversify the UAE’s economy.

Source: zawya.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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