(MENAFN- Emirates News Agency (WAM))
DUBAI, 22nd January, 2019 (WAM) -- The Ministry of Finance, MoF, recently organised a briefing workshop on Decree No. 15 of 2018 on the collection of revenue and public funds for federal entities. The aim of the workshop was to ensure optimal implementation of the Decree.
Ministry of Finance officials along with representatives from several federal entities participated in the workshop.
Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector at MoF, stressed the importance of the workshop to raise awareness about the Decree Law No. 15 of 2018, as well as ways to collect revenues and public funds by expediting claim, implementation, settlement procedures and collection of debt in accordance with the Decree. It also established a clear framework that allows direct implementation, including the possibility of holding movable and immovable property belonging to debtors, based on the reasons determined by the Decree.
He said, "The Ministry of Finance is committed to ensuring the development and stability of the federal government's financial resources, which is one of its most important strategic objectives in the sustainability of resources. The ministry is keen to work and coordinate with all relevant federal entities to strengthen the federal revenue collection framework and to establish procedures that ensure the collection and delivery processes are upgraded to the national treasury, and on a legally-mandated basis in accordance with the applicable legislation. This will enhance the sustainability of financial resources, raise national public treasury performance and protect state-owned public funds."
The workshop reviewed the definitions of revenues and public funds, the creditor and debtor. It also assessed and defined the decree, along with its objectives, which are to develop legal mechanisms governing the collection of federal revenues, protection of public funds and development of procedures to enhance the speed of implementation in order to protect public funds owned by the state.
WAM/MOHD AAMIR/Nour Salman
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