The UAE's Ministry of Finance has announced three big decisions to ease the burden on investors and companies operating in the country.
These included: reduction of fees for registering suppliers in the Federal Supplier Register at MoF and the Ministry of Infrastructure Development by 50% from Dh1,000 ($272) to Dh500 ($136) as well as cancellation of registration renewal fees.
Furthermore, MoF has modified Procurement Regulation and Storehouse Management in Federal Government, by cancelling fees for selling tender documents in federal entities (ministries and authorities).
The decisions are part of the ministry’s efforts to boost the national economy and stimulate the country's business environment.
Younis Haji Al Khouri, Undersecretary of MoF, said that the move is in adherence with the directives of the wise leadership to reduce fees, and provide incentives to investors and companies operating in the country.
This is to enhance the national economy and enable business growth and achieve economic balance in the country, especially in light of the repercussions of COVID-19 pandemic, he stated.
“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,” he added.-TradeArabia News Service