In line with its objective to promote an environment conducive to achievement, excellence and innovation, the Ministry of Finance (MoF) hosted today its 2018 Annual Forum at the Four Seasons Hotel in Dubai Jumeirah. The forum is an occasion to celebrate the Ministry’s strategic partners and distinguished employees who have actively contributed to the achievement of the Ministry’s strategic objectives and national initiatives.
The event was attended in by HE Obaid Humaid Al Tayer, Minister of State for Financial affairs, HE Younis Haji Al Khoori, Undersecretary of MoF, Assistant Undersecretaries, Department Directors and Ministry employees, in addition to the strategic partners of the Ministry.
His Excellency Obaid Humaid Al Tayer said that the annual forum of MoF is an occasion to reinforce the strategic partnerships between the Ministry and various government and private entities, as well as to honour distinguished employees.
During the meeting, HE Al Tayer reviewed the Ministry's most prominent achievements, including ranking 1st in 11 global competitiveness indices within six global competitiveness reports, and the establishment of a comprehensive tax system, with the issuance of three federal laws on value added tax, selective taxation and tax procedures. That, in addition to the adoption of four initiatives on financial policies during the 2017 annual meeting of the UAE Government, and the launch of three internal e-service systems. Also, HE noted the Ministry’s achievement in having the UAE sign 113 agreements to avoid double taxation on income, 76 agreements to protect and encourage investments, and eight agreements for the exchange of information for tax purposes during 2017.
HE said: “In 2017, MoF accomplished many significant achievements that are part of its strategic objective. The Federal Financial System was further developed to reflect the introduction of the UAE Value Added Tax Law, and all government services and activities were classified and updated in the system according to VAT categories. The multiple group project and the procure-to-pay cycle project were completed, and the e-Dirham system witnessed an unprecedented increase in the amount of revenues it received, which in 2017, exceeded the 11 billion dirham limit.”
In his speech, HE Obaid Humaid Al Tayer addressed the Ministry's strategic partners and said: “A new year and a new journey begins, in which we share our challenges, responsibilities and tasks. Our collaborative work has achieved outstanding and pioneering successes, reinforcing our belief in the importance of our strategic partnerships with government, local, regional and international financial institutions and business sectors, and their role in supporting the ministry's efforts towards achieving its strategic objectives and government visions. We will continue to consolidate these partnerships and deepen the bonds of mutual cooperation, in the interest of the public, the nation and the Government's financial operations.”
As for the distinguished employees, HE said: “Our journey has been crowned with success and excellence thanks to your efforts, your endeavours and your commitment to carry out the tasks assigned to you in the best manner, as well as your contributions to the achievement of the Ministry's strategic objectives and mission in financial management global leadership. We will continue our efforts to promote a positive and happy environment and provide a productive environment to develop employee skills and competencies, which will in turn increase the level of service delivery to the public.”
The 2018 annual forum of the Ministry of Finance commenced with the UAE National Anthem, followed by a short film showing the achievements of the Ministry during the past year, and HE Khalfan Jumaa Al Bahl, CEO of Dubai Foundation for the Future, delivered a speech on the future direction of the UAE. During the event, partners and distinguished employees.
MoF, in collaboration with the Organisation for Economic Co-operation and Development (OECD), is preparing and implementing a series of workshops and meetings with concerned entities in the country related to tax fields, including the project on base erosion and profit shifting (BEPS), counting the participation of representatives from different countries of the world.
The UAE has become a recognised training centre for the MENA region, and is the first non-member Arab country to have a partnership with the OECD. In addition, based on its efforts to support innovation, the Ministry received the Mohammed bin Rashid Government Excellence Award for the best entity in the field of innovation category for the fourth year.