The United Arab Emirates reiterated that it doesn’t have any plans at the moment to raise the value-added tax after neighboring 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 WAM news agency reported, citing Saeed Rashid Al Yateem, assistant undersecretary of resources and budget sector at the Ministry of Finance. The UAE implemented 5% VAT at the start of 2018.

VAT revenue in the first eight months of the year was 11.6 billion dirhams ($3.2 bilion) and excise tax collection at 1.9 billion dirhams, according to WAM.

– Bloomberg