(MENAFN) According to Under-Secretary of Finance Younis Haji Al Khoori, the tax-added value (VAT) implementation in the UAE is set to allow the government to create a sustainable knowledge-based economy as well as benefiting its competitiveness.

Al Khoori also pointed out that VAT has emerged after more than a decade of research and is aimed to boost economy in the UAE, even when it's tied to negative outcome of living expenses and the possible effect on the performance of the business sector.

He further added that VAT revenues are to enable the country to open the door for more jobs, grow the job market, complete development projects and develop infrastructure.

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