UAE- Decision on revenue collection issued

(MENAFN- Arab News) His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued Cabinet decision No.17 for 2013 regarding the executive regulations of the federal law No.1 for 2011 on the general revenues of the UAE. According to the decision, which was published in the Official Gazette, the general revenues of the UAE will consists of all the revenues obtained from the different sources under the applicable laws including among others the federal taxes, fees and returns, charges of government services, each emirate's share in the UAE annual budget, fines and UAE investment revenues. Article (3) of the decision stipulates that based on a proposal by the federal entity and after consulting the Ministry of Finance, or MoF, the Cabinet or anybody acting on its behalf, may, at its own discretion, exempt people or federal entities from all or part of their debts and liabilities towards the UAE government. According to the decision, the MoF will be tasked with collecting the general revenues as per the mechanism set by the Minister of Finance. The federal entities entrusted with collecting the general revenues, however, may not deduct any amounts of these revenues for any consideration or reason whatsoever. Under article (7) of the decision, the MoF shall open bank accounts for the federal entity to deposit the proceeds of the general revenues of the UAE. Each entity shall deposit the revenue in the designated banks at the end of every week, unless the revenues reached Dh5,000 and above, the deposits shall be made on the same day or the following day. The decision allows the federal entities to accept donations, grants and wills from a third party in line with their objectives and scopes of competence, provided that they will notify the MoF in writing of the subject, amount and type of the donation or grant, as well as the donor.