The UAE's Ministry of Finance has announced five major projects to improve government financial work. They include local supply strategies, transparency in climate data, corporate tax, public-private partnership and an e-billing system.
Supply strategy of the federal government
The project, Promising Future in the Supply Strategy of the Federal Government, aims to incorporate new categories of suppliers into the federal government. This will support national economic growth and enhance government efforts aimed at expanding and diversifying the supplier base in the federal government.
This contributes to improving the quality of services and products for federal procurement at competitive prices and achieves returns on the local economy through the application of the National In-Country Value Program’s (ICV) standards.
The project, Enhancing Competitiveness and Transparency in Data Related to Climate and Environment Spending Data, will reflect the country's overall efforts in climate action. The Ministry of Finance will provide data on government spending on climate and the environment to the International Monetary Fund.
The data will be published on the Climate Change Indicators Dashboard. Platform users will have the ability to observe the impact of the economy and public policy on climate change and the environment.
Public-Private Sector Partnership
The project, The Future Phase of Regulating Public-Private Partnerships, will establish an advanced mechanism for organising partnership projects between the public and private sectors. This will achieve sustainable economic development and diversify financial resources.
The Ministry of Finance has established an effective and flexible mechanism that enables the public sector to attract and form productive partnerships with the private sector in development projects. This initiative aims to enhance the efficiency of services provided by the federal government.
The project involves representatives from both the government and the private sector. Various methods of collaboration are currently being implemented to ensure alignment between the two sectors. The project is expected to be completed by December 2025.
This project involves the implementation of the corporate tax policy through preparation and establishment. It encompasses the legislative framework, including the issuance of laws, executive regulations, and relevant ministerial resolutions.
The E-Billing System project aims to develop an advanced electronic billing system and implement it nationwide. The system automates the tax return filing process, simplifying it, promoting compliance with tax laws, and reducing instances of tax evasion. The project is scheduled for completion by July 2025.