Hamdan bin Mohammed issues Resolution on the Executive Regulation of the Financial Regulations of the Government of Dubai

Hamdan bin Mohammed issues Resolution on the Executive Regulation of the Financial Regulations of the Government of Dubai

Dubai Crown Prince and Chairman of The Executive Council of Dubai His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum issued Executive Council Resolution No. (5) of 2021 on the Executive Regulation of Law No. (1) of 2016 on the Financial Regulations of the Government of Dubai.

The Resolution specifies the systems, applications and smart financial solutions related to the planning of the Government’s financial resources and obligates all departments of Dubai Government to use the systems, applications and smart financial solutions approved by the Department of Finance. All financial operations executed by government departments through approved systems, applications and smart financial solutions are considered legally enforceable, provided the operations are compliant with applied regulations.

As per the new Resolution, government departments can approve their own financial and accounting systems, applications and smart financial solutions on the condition that they comply with the Law and regulations issued by the Department of Finance, are compatible with approved systems, applications and smart financial solutions; and are pre-approved by the Department of Finance and Smart Dubai.

The Resolution also regulates the collection and management of public revenue, specifies the authorities and responsibilities of the Director General of the Finance Department in executing the general budget and outlines the authorities and responsibilities of heads of government entities.

Furthermore, the Resolution lays down the procedures for government payments and expenditures, including payments for suppliers and contractors, which should be made within a maximum of 90 working days from the date of the final handover, or according to the timeframe specified in the contract.

The Director General of the Department of Finance will issue all the decisions and regulations required to ensure the implementation of this Resolution. Any legislation that contradicts or challenges the articles of the new Resolution will be annulled. The Resolution will be valid from the date of its publication in the Official Gazette.

News Source: https://www.mediaoffice.ae/en/news/2021/March/08-03/hamdan-bin-mohammed-issue

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