To strengthen its efforts in implementing national priorities and improving government financial work, the UAE Ministry of Finance (MoF) has recently announced five significant strategic transformational projects. These initiatives are aimed at enhancing future readiness and are in line with the ‘We the UAE 2031’ vision, which highlights the country’s development plans for the next ten years and beyond. The projects are also in accordance with the UAE Digital Government Strategy, which aims to further establish the UAE’s global leadership in the field of digital government.
According to His Excellency Mohamed bin Hadi Al Hussaini, the UAE’s minister of state for financial affairs, the upcoming phase of government work necessitates the identification of government priorities, the implementation of qualitative transformations, the efficient management of resources and budgets, and the execution of projects aimed at fulfilling strategic objectives. In addition, it is crucial to reinforce collaborative efforts to lead the government’s development process and meet the future demands of the nation.
Strategic goals
His Excellency emphasized the importance of utilizing flexible and efficient work tools and methods to keep up with the ever-changing world and developments in various crucial sectors. He mentioned that the MoF aims to achieve comprehensive strategic goals and strengthen its leading role in areas such as procurement and supply by introducing the transformational projects. The ministry’s objective is to establish effective partnerships with the private sector to enhance government services, finance the projects, and execute them optimally, said Al Hussaini. Furthermore, the ministry is committed to promoting expenditure on climate and environment to ensure a sustainable future for future generations. The ministry is also working on projects related to tax policies to facilitate tax returns and ensure tax compliance. These initiatives aim to strengthen the tax legislative structure in the country while maintaining the competitiveness of the economic environment and its ability to attract foreign investment.
Projects
The primary objective of the initial project, named ‘Promising Future in the Supply Strategy of the Federal Government,’ is to expand the supplier base in the federal government by including new categories of suppliers. This initiative plans to support national economic growth and strengthen government efforts to broaden and diversify the supplier base in the federal government.
The second project, ‘Enhancing Competitiveness and Transparency in Data Related to Climate and Environment Spending Data,’ aims to improve the transparency and competitiveness of data related to state-level government expenditure on climate and the environment. The initiative involves submitting this data to the International Monetary Fund (IMF) and publishing it on the Climate Change Indicators Dashboard. This dashboard calculates the indicators of countries’ policies on climate and environment spending to measure their impact on macroeconomic sustainability and transparency.
The third transformational project, titled ‘The Future Phase of Regulating Public-Private Partnerships,’ aims to set up an advanced mechanism for managing partnership projects between the public and private sectors. This initiative plans to achieve sustainable economic development and diversify financial resources.Â
The Ministry of Finance is also implementing the “Imposing a Federal Tax on Corporations and Businesses” project. The initiative involves preparing and establishing a corporate tax policy and developing the legislative system for the policy, including the issuance of the law, executive regulations, and relevant ministerial resolutions.
Moreover, the MoF is currently working on the “E-Billing System” project, which aims to develop a sophisticated electronic billing system and implement it nationwide. This system is designed to automate the tax return filing procedures, enhance tax compliance, and reduce instances of tax evasion. The project consists of various phases and targets that are expected to be completed by July 2025.
For more news on the economy, click here.
