The UAE Ministry of Finance (MoF) has announced a series of major strategic transformational projects aimed at bolstering national priorities and improving government financial operations.
Highlighting the significance of defining government priorities and executing transformative changes, Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, stressed the importance of effective resource management and budgeting to achieve strategic objectives and meet future demands.
By introducing these transformative initiatives, the UAE Ministry of Finance seeks to achieve comprehensive strategic goals and strengthen its leading role across critical sectors such as procurement and supply. Al Hussaini also emphasized the ministry’s objective to establish fruitful collaborations with the private sector, enhancing government services and ensuring optimal project financing and implementation.
The projects encompass diverse areas:
Corporate Tax: The UAE Ministry of Finance establishes tax regulations pertaining to the nexus of non-resident individuals.
Supply Strategy of the Federal Government: Expanding the supplier base for the federal government to foster economic growth and enhance services by incorporating new supplier categories.
Transparency in Climate and Environment Spending Data: Enhancing competitiveness and transparency by providing comprehensive data on state-level government expenditure related to climate and environment. This information will be submitted to the International Monetary Fund and published on the Climate Change Indicators Dashboard to assess the impact of countries’ climate and environmental spending policies on macroeconomic sustainability and transparency.
Public-Private Sector Partnership: Developing a robust mechanism to regulate public-private partnerships, fostering sustainable economic development.
E-Billing System: Implementing an advanced electronic billing system at the national level. This project aims to automate tax return procedures, improve tax compliance, and reduce instances of tax evasion. It encompasses multiple phases scheduled for completion by July 2025.
Through these transformative initiatives, the UAE Ministry of Finance aims to enhance government financial operations, align with national priorities, and bolster its role in driving progress across vital sectors, ensuring a prosperous and future-ready UAE.
