Juma Al Majid, chairman of the Dubai Economic Council, has said that the UAE economy will not benefit from the Value Added Tax project that GCC members states are discussing to compensate for the lost custom tariff following the signing of free trade agreements with other countries, Emirates Business has reported. 'Such a project needs institutional readiness,' he said. Instead, it would be preferable to keep the custom tariff mechanism to fuel public revenues, with the possibility of revising the VAT project in future, Al Majid said.