Dubai’s Crown Prince and Chairman of the Executive Council has issued Dubai Executive Council Decision No. 5/2021 issuing the Implementing Regulations to Dubai Law No. 1/2016 on the Financial Regulations of the Government of Dubai.
It specifies the systems, applications and smart financial solutions related to the planning of the Government’s financial resources and requires all Government departments to use the systems, applications and smart financial solutions approved by the Finance Department. 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.
Under the Decision, Government departments can approve their own financial and accounting systems, applications and smart financial solutions provided they comply with the law and regulations issued by the Finance Department, they are compatible with approved systems, applications and smart financial solutions and are pre-approved by the Finance Department and Smart Dubai.
It 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.
In addition, it states the procedures for Government payments and expenditures, including payments for suppliers and contractors, which should be made within 90 working days from the date of the final handover, or according to the timeframe specified in the contract.
The Director General of the Finance Department will be responsible for issuing all of the decisions and regulations required to ensure the implementation of the Decision. Anything which contradicts or contravenes it will be repealed.
It was published in the Official Gazette on 9 March 2021 and came into force on the same day.