The UAE is expected to generate AED10 billion to AED12 billion revenue if it potentially introduces value-added tax (VAT) in 2018, according to a senior official at the Ministry of Finance. Referring to a study conducted in 2014, Undersecretary at the UAE's Ministry of Finance Younis Haji Al Khoori said VAT is likely to generate up to AED12 billion revenue during its first year of implementation in 2018, adding that the law would take two years to enter a implementation phase after it is issued. "The VAT would be introduced at the rate of between 3-5% of the goods value, but GCC countries are yet to finalise their implementation policy. It will not be applied on education, healthcare, social services and some food staples," Al Khoori said. Certain industries such as financial services are yet to be agreed upon by the GCC countries. (Khaleej Times, Gulf News)