A deserted street in the Emirate city of Dubai amid the coronavirus outbreak. (Photo: AFP)

DUBAI, May 11 (Xinhua) -- The Ministry of Finance of the United Arab Emirates (UAE) ruled out any plans to raise the value added tax (VAT) following Saudi Arabia's announcement of increasing VAT on Monday.

VAT was introduced in the UAE in 2018 at five percent on several goods and services.

Younis Haji Al Khoori, the finance ministry undersecretary, said the ministry will reorient the financial resources to prepare for the future and continued growth to ensure the security and safety of the communities.

In a surprise move, Riyadh increased VAT rate from five to 15 percent and also suspended the cost of living allowance to increase revenues, effective as of June 2020.