khalifa issues law regulating financial system of abu dhabi government
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Khalifa issues law regulating financial system of Abu Dhabi Government

Arab Today, arab today

Arab Today, arab today Khalifa issues law regulating financial system of Abu Dhabi Government

Sheikh Khalifa bin Zayed Al Nahyan
Abu dhabi - WAM

President His Highness Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, has issued a law concerning the Abu Dhabi Government’s financial system.

The law seeks to set a comprehensive regulatory framework for public financial resources to guarantee that government work is conducted within the institutional framework, with a high level of transparency and accountability in the management of public funds.

The law assigns the Department of Finance the responsibility of designing and executing a comprehensive financial system with high economic effectiveness and efficiency. The department prepares the Government’s financial policy and submits it to the Executive Council for approval.

The law covers budgeting and implementation of the budget, treasury management, regulating the bank accounts of the Government, public entities, institutions and companies, regulating and managing public debt and government bonds, preparing and issuing a financial monitoring system after approval from the Executive Council, issuing a public services pricing guide after approval from the Executive Council, and examining pricing requests from public entities.

It also requires preparing an ownership policy for government institutions and companies, to be approved by the Executive Council, issuing rules and templates for their expected performance statements, and monitoring their financial performance and other government investments.

Furthermore, the law forbids imposing, amending or removing any taxes, unless through legislation, and prohibits exempting all from these taxes, except in the cases stated in the law. No fees may be imposed, amended or removed unless through legislation, Emiri Decree or Executive Council Resolution.

The law has removed all tax and fee exemptions, including exemptions from customs fees that benefit government entities, institutions and companies, affiliated companies, or any other entity, by virtue of a legislation or resolution enforced before this law came into force.

An exception is made for institutions, companies and individuals working in free zones, and for entities the Executive Council decides to fully or partially exempt from fees and taxes for charitable, humanitarian, educational, cultural or other reasons. These provisions remain in line with the federal laws and international agreements.

According to this law, the Department of Finance shall prepare a Government Services Pricing Guide, to be considered as a reference for setting the prices of services provided by government entities. It is based on fair costs, benefit considerations, and market prices.

The law further obliges every government entity, institution and company to prepare and issue semi-annual financial statements no later than 30 days after the middle of the fiscal year, and to issue audited annual financial statements no later than 90 days after the end of each fiscal year. A copy of these statements must be sent to the Department of Finance.

The Department of Finance is also tasked with organising government procurement and tenders by establishing regulatory and operational frameworks, and issuing regulations and systems to implement them, after their approval by the Executive Council.

It shall further develop and operate an IT platform for government procurement (procurement portal) to be used to register suppliers and electronically analyse spending, contracting and procurement for centralised and non-centralised contracts. Government entities must commit to use the portal for their purchases, especially for goods and services to be purchased through centralised contracts, and to sign these contracts with suppliers.

 

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

khalifa issues law regulating financial system of abu dhabi government khalifa issues law regulating financial system of abu dhabi government

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

khalifa issues law regulating financial system of abu dhabi government khalifa issues law regulating financial system of abu dhabi government

 



GMT 13:42 2015 Saturday ,04 April

Libyan warplane targets camp in Gharyan town

GMT 15:14 2017 Wednesday ,01 March

UN documents nearly 1,500 child soldiers in Yemen

GMT 07:24 2017 Sunday ,01 October

Mexico unlikely to find more quake survivors

GMT 16:15 2015 Wednesday ,11 November

German intelligence 'spied' on Fabius, FBI, UN bodies

GMT 01:32 2017 Saturday ,15 April

Russia's Putin earns about 157,000 USD in 2016

GMT 16:30 2017 Saturday ,15 July

Minister of planning gives priority

GMT 19:45 2017 Wednesday ,05 April

President of Senegal Meets Attorney General

GMT 05:18 2017 Thursday ,21 September

Over 80 missing after migrant boat sinks off Libya

GMT 19:22 2017 Saturday ,01 April

UN: Number of Syrian Refugees Tops 5 million

GMT 15:16 2016 Thursday ,29 September

FBI to put up database on police use of deadly force

GMT 05:06 2016 Friday ,30 September

Indian markets open flat

GMT 01:57 2017 Tuesday ,10 October

Twin suicide bombs kill 13 near Mogadishu airport

GMT 02:25 2017 Friday ,08 September

UAE celebrates National Day at Expo 2017 Astana

GMT 06:19 2017 Sunday ,08 January

Bleaching poses the gravest threat to coral reefs

GMT 12:35 2017 Monday ,18 September

Elham Shahin happy for “Day for Women”

GMT 09:46 2017 Thursday ,22 June

US existing home sales unexpectedly rise in May

GMT 02:36 2017 Tuesday ,10 January

US embassy condemns Al-Arish suicide attack

GMT 10:34 2017 Sunday ,26 November

czar faces graft probe
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday