The Ministry of Finance announced three new decisions covering all federal authorities in the country, as part of its commitment to continue implementing the draft revision and reduction of federal fees, and out of its efforts to boost the national economy and stimulate the business environment in the country.
«Financial» decisions
The decisions included: Cabinet Resolution No. (36) for the year 2020 regarding registration in the supplier registry and the federal contractors registry, and Cabinet Resolution No. (37) for the year 2020 regarding amending some provisions of Cabinet Resolution No. (4) for the year 2019 regarding procurement regulations and warehouse management in the government Federal, and Cabinet Resolution No. (38) for the year 2020 regarding the amendment of Cabinet Resolution No. (4) for the year 2015 regarding services fees provided by the Ministry of Infrastructure Development.
The new decisions stipulated a reduction in the “registration” fees in the registry of federal suppliers and contractors with both the Ministry of Finance and the Ministry of Infrastructure Development by 50% from 1,000 dirhams to 500 dirhams, and the abolition of the “registration renewal” fees to become free. The Ministry also revised the procurement and warehouse management regulations in The federal government, by canceling the fees for selling documents and tender documents with federal agencies (ministries and agencies) to make them free.
These decisions will be effective from the day following the date of their publication in the Official Gazette.
Economic boost
Undersecretary of the Ministry of Finance, Younis Haji Al-Khoury, indicated that this step comes as a translation of the leadership’s directives to reduce fees and burdens, and provide incentives to investors and companies operating in the state, to enhance the national economy, and enable business sectors to grow, and achieve financial and economic balance in the country, especially in light of what The world is witnessing today the repercussions of the pandemic of the emerging coronavirus (Covid 19).
He said: «The Ministry of Finance works closely with the relevant federal ministries, with the aim of coordinating efforts to review government fees, and to determine the fees that will be canceled or reduced, based on in-depth studies and benchmarks, with the aim of enhancing the attractiveness of the national economy to investors, reducing the cost of doing business, and enhancing the state’s position In indicators of global competitiveness, in line with the targets (Emirates Vision 2021) ».