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Monday, April 22, 2024
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The Ministry of Finance announced 5 major strategic transformation projects

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DUBAI – The Ministry of Finance (MoF) has announced five major strategic transformation projects to support its ongoing efforts to implement national priorities and improve government finances to further enhance future readiness.

These projects are in line with the “We UAE 2031” vision, which represents a national plan through which the UAE will continue its development path for the next decade and the next 50 years, and is part of the UAE Digital Government initiative that reaffirms the UAE as a digital Strategies for the global status of leading and advanced countries in the field of government.

Mohammad bin Hadi Al-Husseini, Minister of State for Finance, pointed out that the next stage of government work needs to identify government priorities, make qualitative changes, manage resources and budgets, implement projects aimed at achieving strategic goals, and strengthen joint actions to achieve Strategic objectives. Lead the development process of the government and meet the future requirements of the country.

He said: “In a rapidly changing world, we must use more flexible and efficient working tools and methods to keep up with developments in various important areas. By announcing these transformational projects, the Ministry of Finance aims to achieve comprehensive strategic goals and enhance its leadership in various vital sectors such as procurement and supply.The ministry also aims to create effective partnerships with the private sector to improve government services and finance projects and implement them in the best possible way.Besides that, stimulate Climate and environment spending to ensure a sustainable future for future generations.In addition, the Ministry is undertaking projects related to the development of tax policy and facilitation of tax filings to ensure tax compliance and strengthen the tax legislation structure of the country, while Maintain the competitiveness of the economic environment and its ability to attract foreign investment.”

The federal government’s supply strategy

The first project, A Bright Future for the Federal Government’s Supply Strategy, seeks to include new supplier categories for the Federal Government to support the nation’s economic growth and strengthen the government’s efforts to expand and diversify the Federal Government’s supplier base. This, in turn, helps improve the quality of federally procured services and products at competitive prices, and delivers returns to the local economy through the application of state Domestic Value Program (ICV) standards. Over the past period, the Ministry has been keen to actively work with government entities to identify all government requirements and ensure that the government gets the best possible return from this growing national transformation project.

Transparency of climate and environmental spending data

The second project, “Enhancing the competitiveness and transparency of data related to climate and environment spending”, aims to provide data related to climate and environment spending by governments at the national level, which will be submitted to the International Monetary Fund and published in Climate Magazine published. The Indicators of Change Dashboard, which calculates policy indicators related to climate and environment spending across countries to measure their impact on macroeconomic sustainability and transparency. Users of the dashboard will be able to assess how economic and financial activity and government policy are linked to climate change and the wider environment. The project is in line with the UAE’s ambitions as it works to advance sustainable development efforts and the country’s preparations to host COP28. The project will reflect the country’s overall climate action efforts launched within the Year of Sustainable Development.

public-private partnerships

The third transformational project, “Regulating the Future Phases of Public-Private Partnerships,” will establish advanced mechanisms for organizing partnership projects between the public and private sectors for sustainable economic development and diversification of financial resources. Treasury has established efficient and flexible mechanisms that enable the public sector to engage and form productive partnerships with the private sector in development projects, thereby increasing the efficiency of federal government service delivery. With a proactive vision, the ministry embarked on the project, engaging government and private sector parties and undertaking various consultative practices to ensure that project outcomes were in line with the vision of both ministries and the aspirations of the country in the field. The project is scheduled to be completed in December 2025.

corporate tax

The Ministry of Finance is implementing the project “Federal Taxes on Corporations and Enterprises” by formulating and enacting corporate tax policies, including the legislative framework of policies, promulgation of laws, and administrative regulations and relevant ministerial resolutions.

Electronic Billing System

The Ministry of Finance launched the “Electronic Billing System” project to develop an advanced electronic billing system and launch it at the national level. The system will automate the process of submitting tax returns to the tax system to facilitate the filing of tax returns, improve tax compliance, and reduce cases of tax evasion. The project includes different phases and objectives and is expected to be completed by July 2025.

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