Obaid Al Tayer, the country’s Minister of State for Financial Affairs has confirmed that there will be no changes in VAT and excise tax rates. Al Tayer has pointed out that currently there is no legislation or studies made regarding income tax. He has mentioned, however, that the Ministry of Finance is working on introducing corporate tax, although they’re still in very early stages of studying the corporate tax legislation.

The minister said it was too early to comment on the impact of excise tax which was implemented in October last year. These comments were made after much speculation that UAE will increase VAT or excise rate to increase revenues.