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UAE Ministry of Finance reduces fees for certain federal entities

UAE Ministry of Finance reduces fees for certain federal entities

The measures include a 50 per cent reduction in the fees to register suppliers

The UAE’s Ministry of Finance (MoF) has issued three new decisions for federal entities which include revising federal fees in order to boost economic activity within the country.

The ministry has decided to reduce fees of registering suppliers in the Federal Supplier Register at MoF and the Ministry of Infrastructure Development by 50 per cent from Dhs1,000 to Dhs500, as well as cancelling registration renewal fees.

Also, the ministry has modified Procurement Regulation and Storehouse Management in Federal Government by cancelling fees for selling tender documents in federal entities (ministries and authorities), reported official news agency WAM.

“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 Younis Haji Al Khouri, Undersecretary of MoF.

The specific cabinet resolution that will be amended as a result of this decision are: 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 ministry added that the decisions will be effective upon their publication in the Official Gazette.

In related developments, earlier in May, the MoF said that it did not have any plans of hiking VAT in the country. It came on the same day Saudi Arabia announced that it had decided to increase VAT from 5 per cent to 15 per cent in the kingdom starting July 1.

Read: No plans to hike VAT in the UAE – ministry

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