Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, on Wednesday amended the resolution on payment of outstanding public funds by instalments, empowering heads of government entities to make the decision on it.
Following the amendment, “the head of a government entity or their authorised representative has the authority to allow payment by instalments of any public funds outlined in a list submitted by such entity to the Department of Finance (DoF)”, the Dubai Media Office said in a statement.
According to the resolution, payment of public funds by instalments is subject to several conditions: public funds must be due by the date on which the application for payment by instalment is submitted, and the amount of public funds to be paid by instalments must not be less than the minimum amount prescribed by the DoF.
The rule also stipulates that the applicants must prove their inability to pay the total outstanding amount in one payment.
The applicant must make an initial payment of at least 25 per cent of the outstanding amount of public funds requested to be paid by instalments, according to the resolution.
"If an applicant cannot make the minimum payment of 25 per cent of the outstanding amount before applying for the payment by instalments, the head of the government entity or their authorised representative may reduce the minimum payment after reviewing the reasons behind the request," the statement said.
However, some of the conditions are unchanged even after the amendment.
“The instalment period must not exceed five years, or the period in which the public funds are due, whichever is shorter,” the statement said.
Additionally, instalments must be paid by bank cheques or by providing other guarantees or security as prescribed by the DoF and any other conditions set by the DoF must be satisfied.
According to the new resolution, an applicant for payment by instalments must, within 15 days of being notified of the decision approving the application for payment by instalments, submit the guarantees or security prescribed by the DoF.
The guarantees or security must be valid throughout the instalment period, until full payment is made, the statement said.
If an applicant fails to pay the instalments by the prescribed deadlines, the decision approving the application for payment by instalments will be deemed null and void.
The resolution shall be effective from the date of its publication in the official gazette.
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1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
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December 9: UAE joins the United Nations.
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