Monday, May 13, 2013

UAE Cabinet approves regulations for the public revenue

Shaikh Mohammad Bin Rashid chairs the cabinet meeting with (from left) Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; Lieutenant- General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior; Mohammad Al Gergawi, Minister of Cabinet Affairs; and Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance.
The UAE Cabinet on Sunday approved executive regulations for the public revenue federal law, which aim to increase transparency and enhance the accountability process pertaining to these funds.

“The main goal behind the continuous development of legislations and financial systems aims to establish a foundation and fiscal policies for the ideal usage of public revenue,” said His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, as he chaired the Cabinet meeting held on Sunday at the Presidential Palace.

The regulations for Federal Law No. 1 of 2011 were approved during the Cabinet meeting also attended by Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior.

The regulations will coordinate fiscal policies, strengthen the capabilities of legislations and financial systems to support the general budget of the UAE, and specifies the rights and jurisdictions of federal bodies for collecting fees and revenues.

The regulations also aim to monitor revenue collection to achieve transparency in these funds. The regulations specify a mechanism for returning revenues, and mandates bodies to implement strategies to develop sources of public revenue.