Five major strategic transformational projects that reaffirm the Ministry of Finance’s ongoing endeavours to implement national priorities and improve government financial work with the aim of further enhancing future readiness. Image Credit: WAM

Dubai: The UAE Ministry of Finance (MoF) has announced five major strategic transformational projects aimed at supporting national priorities and improving government financial work.

Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasized the importance of defining government priorities, implementing qualitative transformations, managing resources and budgets, and executing projects to achieve strategic goals and meet future requirements.

“Through announcing these transformational projects, The Ministry of Finance aims to achieve comprehensive strategic goals and promote its leading role within various vital sectors such as procurement and supply,” said Al Hussaini. “The ministry also aims to establish effective partnerships with the private sector to improve government services and finance the projects and implement them in an optimal way.”

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Supply strategy of the federal government

The first project focuses on expanding the supplier base for the federal government to support economic growth and enhance services through the incorporation of new supplier categories.

Transparency in climate and environment spending data

The second project enhances competitiveness and transparency in climate and environment spending data. It is based on providing data related to state level government expenditure on the climate and environment to be submitted to the International Monetary Fund and published on the Climate Change Indicators Dashboard.

It calculates the indicators of countries’ policies related to spending on climate and the environment to measure their impact on macroeconomic sustainability and transparency.

Public-private sector partnership

The third project aims to establish a robust mechanism for regulating public-private partnerships to achieve sustainable economic development.

Corporate tax

The fourth project involves imposing a federal tax on corporations and businesses, including the preparation of the corporate tax policy and relevant legislative measures.

E-Billing System

The Ministry of Finance works on the “E-Billing System” project to develop an advanced electronic billing system and activate it at the country level. The system will automate the procedures for filing tax returns with the tax system to facilitate filing tax returns, improve tax compliance, and reduce cases of tax evasion. The project includes different phases and targets that are set to be completed by July 2025.