Dubai, UAE: 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.
The Director of General Revenue Department, MoF, financial department directors, internal audit officers, legal department representatives and revenue accountants of several federal entities participated in the workshop.
H.E. Saeed Rashid Al-Yateem 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.
H.E. 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. During the workshop, various types of debt and the objectives to be achieved by the Legislative Decree were defined. The workshop also presented a detailed overview of the provisions contained in the Decree, the frameworks and functions of the organisational unit responsible for debt collection, as well as the mandatory procedures to collect debts and receivables for the nation.
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