Dubai: President His Highness Shaikh Khalifa Bin Zayed Al Nahyan on Monday issued a Federal Law on linking the general budget of the Federation and the budgets of the autonomous state institutions for the fiscal year 2018.
The new law stipulates that federal ministries and or federal bodies cannot submit a request for any additional approvals to their current spending programmes or proposals during the current fiscal year unless they have a revenue source to fund the additional spending plans.
The new law comes in the context of aligning the Federal Budget with that of the government bodies and autonomous institutions under the federal government. According to the law, published in the Federal Official Gazette, both the expenditures and the revenues in the Federation’s General Budget for the fiscal year 2018 is estimated at Dh51.38 billion
The government’s efforts to align the federal budget with that of government bodies follows a slew of fiscal reforms introduced since 2015 ranging from rationalisation of government subsidies and augmenting of revenues through excise duties and value added tax (VAT).
