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Sat 30 May 2020 03:26 PM

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Ministry of Finance reduces some UAE federal fees

Fees for selling tender documents in federal entities - ministries and authorities - have been cancelled

Ministry of Finance reduces some UAE federal fees

The ministry said the decisions will he boost the national economy and stimulate the country's business environment. (Image: WAM)

UAE’s Ministry of Finance (MoF) has reduced some federal fees as part of its ongoing support for businesses in the country during the Covid-19 pandemic.

In particular, the ministry reduced the fees for registering suppliers in the Federal Supplier Register at the Ministry of Finance and the Ministry of Infrastructure Development by 50 per cent - from AED1,000 to AED 500, and has cancelled registration renewal fees.

In addition, the ministry modified Procurement Regulation and Storehouse Management in Federal Government, by cancelling fees for selling tender documents in federal entities (ministries and authorities).

The ministry said the decisions will boost the national economy and stimulate the country's business environment.

Younis Haji Al Khouri, Undersecretary of Ministry of Finance, said the reduced fees will provide incentives to investors and companies operating in the country.

"The Ministry of Finance coordinates its efforts with all relevant federal ministries to review government fees that could be abolished or reduced,” Al Khouri said.

“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."

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