WAM ABU DHABI, May 14th, 2013 (WAM)–To effectively implement social and economic development programmes, the government needs to have a budget that is underpinned by clear fiscal policies and legislation.
“The general revenue law, which aims to increase transparency and accountability in the management of government income, will further strengthen the UAE budgeting process and the implementation of its fiscal policies,” opines UAE English language local daily, Gulf News, in its editorial on Tuesday.
Among others, it continued, the law specifies the rights of federal bodies to collect fees and revenues and strengthens legislative support for the budget. The government will now have a better indication of some of its expected revenue and will be able to effectively monitor and manage the income.
The paper noted that the law also mandates the federal bodies to implement strategies to develop sources of public revenue. While this should not result in prohibitive increases in some of the costs of living or doing business in the UAE, government services must be financially viable or else they will become an unsustainable drain on state resources.
“The main goal behind the continuous development of legislation and financial systems is to establish a foundation and fiscal policies for the ideal use of public revenue,” said His Highness Sheikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, who chaired the meeting where the law was approved.
By improving the management of the budget, the paper concludes, “the law will help ensure that the fiscal policies that underpin the development of the UAE remain sustainable.” WAM/MN