The financial system for the Government of Abu Dhabi enhances the attractiveness of the emirateTruth Consultancy
Posted: Wednesday, March 08 2017
Shams al-Din Muhammad (Abu Dhabi)
The whole experts and analysts that the positive consequences desired by the law issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan and benefits, may God protect him, in respect of the financial system for the Government of Abu Dhabi will be extended at the level of support capabilities and the status of the emirate’s government compared to the targets set in advance access to the best five governments worldwide, compared to see the government of Abu Dhabi in 2030. They considered that such legislation serves as a prelude to keep up with the transformations of the Emirate of global Campus in all areas, because the performance or the government’s financial sector is the backbone of development in the aspirant countries of the world to reach the indicators growing in the field of economic development, noting that It enhances the attractiveness of the emirate an attractive destination for foreign investment because the government institutions that deal directly as «institutional windows», with foreign investments and portfolio, which is reflected on the many benefits, as well as to strengthen the supervision and regulation of government approach to work.
Abdullah said Tarifi, former chief executive of the Securities and Commodities: The law came in quite a good time, and enhance the transparency and credibility approach to aspects of economic performance, all in the emirate, and in particular the government’s financial performance, which is the fundamental pillar to achieve progress and development, in accordance with international standards and including entrench transparency, which have implications for more than one level, especially in terms of attracting foreign capital that comes from abroad.
He stressed the difficulty of attracting investment and foreign investment funds, but with the availability of the rules and regulations and transparency in any country, adding that this law will be synonymous with the efforts of the Government of the Emirate of Abu Dhabi in the development of their capabilities as a global destination for investments.
The quality of investments
He added that as much as there is the multiplicity of the types of investments, between real estate investments, financial or investment in logistics services as important as keeping up that breakthrough financial legislation supports the investment environment and enhance transparency. He added that the law will contribute to stimulating the economic capacity of the emirate as a reinforcing harmonious and bright for economic stability indicators, and by extension contribute to accelerate the rate of development, especially in terms of global competitiveness of the emirate, which has become competitive for governments and nations demand however, and create a suitable financial and job stability environment.
And about what touched him the law of no taxes without a law or legislation, hinted Tarifi, to the fact that it contributes to outline the imposition of any taxes, and what makes things clear and does not need any confusion or speculation, stressing that the law came to light after a thorough study of the aspects all, taking into account the absence of conflict between the local context and federal framework.
The economist, Reda Mosallam : «The law is one of a legislation that awaited so long, where it is hoped that this law regulating disclosure and transparency, and all associated aspects of the financial performance of the sector in the emirate of expenses and revenues, which are clear and easy to organize sources of revenue, it has been the practice to be determined by government spending sources side at first, then it is searched for secure sources of revenue, where you must face the expenses of being a sovereign expenses, contributing to give transparency with the application of that law, allowing easy identification of sources of expenses or revenue, as well as the positive engagement and transparent with any deficits. »
He said: «The law allows a greater control over all aspects of exchange, whether through community control over the National Advisory Council, or through specialized Balrkabah the emirate’s authorities».
Indicates a financial analyst Ziad Dabbas, until the issuance of the financial system law for the government of Abu Dhabi came timeliness, noting the details of this law, which promotes transparency and accountability to the terms of reference the task and responsibilities of the Department of Finance, under the law, a reference to the responsibility for the preparation and implementation of an integrated financial system an efficient, economic and effective, through the preparation of the financial policy of the government, and the preparation of the general budget and its implementation.
Dabbas added that this law is in line with the best laws in the developed countries, and in line with international standards, stressing that, by law, the Department of Finance became responsible for issuing government services pricing guide, in addition to responsibility for the financial performance control of government institutions and enterprises, and other government investments. He Dabbas: «The New Financial Order Act abolished all exemptions from taxes and duties before the issuance of this law, to be issuing any tax according to the legislation or a law, with the exception of that, as a sign of reassurance to maintain the attractiveness of the emirate, especially the widening network of free zones, where Excluding institutions and companies working in the free zones and individuals, at the time the law pointed out that the pricing of services must be based on fair cost-benefit based on own, the market price and economic cost.