In an effort to boost the national economy and to provide an impetus to the country’s business environment, The Ministry of Finance (MoF) has issued three new decisions for federal entities across the UAE, as part of its remit to revise and reduce federal fees.
The new decisions include cabinet resolution No. (36) of 2020 on registering suppliers in the Federal Supplier Register, Cabinet Resolution No. (37) of 2020 on amending certain provisions of Cabinet Resolution No. (4) of 2019 on Procurement Regulation and Storehouse Management in Federal Government, and Cabinet Resolution No. (38) of 2020 on amending Cabinet Resolution No. (4) of 2015 on Fees for services provided by the Ministry of Infrastructure Development.
The decisions are part of the ministry’s efforts to boost the national economy and stimulate the country’s business environment.
“The move is in adherence with the directives of the wise leadership to reduce fees, and provide incentives to investors and companies operating in the country. This is to enhance the national economy and enable business growth and achieve economic balance in the country, especially in light of the repercussions of COVID-19 pandemic,” said Younis Haji Al Khouri, Undersecretary of MoF.
The decisions included: reduction of fees of Registering suppliers in the Federal Supplier Register at MoF and the Ministry of Infrastructure Development by 50 per cent from Dh1,000 to Dh500, as well as cancellation of registration renewal fees. Furthermore, MoF has modified Procurement Regulation and Storehouse Management in Federal Government, by cancelling fees for selling tender documents in federal entities (ministries and authorities).
“The Ministry of Finance coordinates its efforts with all relevant federal ministries to review government fees that could be abolished or reduced. This is based on in-depth studies and benchmarks set to enhance the attractiveness of the national economy to investors and to reduce the cost of doing business, to strengthen the nation’s standing in global competitiveness indicators, in line with the goals of UAE Vision 2021,” said Al Khouri.
These decisions will be effective upon their publication in the Official Gazette.
