These measures are expected to protect the business community from the consequences of the Covid-19 pandemic.
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While the markets have reopened in the UAE and businesses are hoping to recover the losses they have faced, the UAE's Ministry of Finance (MoF) announced additional relief measures to protect the businesses from the effects of Covid-19. It has declared that it will cancel certain fees and reduce others. There's a 50% cut in fees of registering suppliers in the Federal Supplier Register at the Ministry of Finance and the Ministry of Infrastructure Development. It has been made half - to Dh500 from Dh1,000 earlier. The MoF has revoked the cancellation and renewal fees. Also, it has cancelled fees for selling tender documents in federal entities. Many businesses have faced troubles navigating the Covid-19 crisis, ultimately resulting in their closure. Hence, these decisions will shield businesses and the economy from the impact of coronavirus. Earlier this year, several other entities announced measures and incentives to support and safeguard the private sector. These measures are expected to boost the economy and stimulate business growth, creating a favourable economic condition, especially after the consequences of the Covid-19 pandemic on different sectors of the country. It's been said that the MoF coordinates with all relevant ministries to examine which government fees can be abolished or reduced. As stressed by Younis Haji Al Khouri, Undersecretary of MoF, these steps are based on a comprehensive analysis to enhance the national economy to attract investors, reduce the cost of doing business, and strengthen the country's position in global competitiveness indicators, in line with the goals of UAE Vision 2021. The original article was published in Khaleej Times on May 30, 2020. You can find it here.