In
order to amend Article No. (25) of Executive Council Resolution No. (5) of
2021, which relates to Executive Regulation of Law No. (1) of 2016 on the
Financial Regulations of the Government of Dubai, His Majesty Sheikh Hamdan bin
Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The
Executive Council of Dubai, issued Executive Council Resolution No. (53) of
2022.
In
accordance with Article No. (25) on the payment of unpaid public funds in
instalments, any public monies included on a list that a government body
submits to the Department of Finance may be paid in instalments by the entity's
head or an authorized representative (DoF).
Public
funds must be due by the date on which the application for payment by
instalment is submitted, and the number of public funds to be paid by
instalments cannot be less than the minimum amount set by the DoF, according to
the Resolution. Other requirements include that public funds be due by the date
on which the application for payment by instalment is submitted.
The
petitioner must also demonstrate their incapacity to make a single payment for
the whole amount owed. A down payment of at least 25% of the total amount of
public funding that must be paid back in instalments must also be made by the
applicant.
According
to the amended Resolution, the head of the government entity or their
authorized representative may lower the minimum payment after considering the
reasons for the request if an applicant cannot make the required minimum
payment of 25% of the outstanding amount before requesting payment by
instalments.
The
payment duration cannot be more than five years, or the time period during
which the public money is due, whichever is shorter. Payment for instalments
must be made with bank checks or another form of security approved by the DoF.
Any additional requirements established by the DoF must be met.
The
Resolution states that a person requesting payment by instalments shall provide
the guarantees or security requested by the DoF for all outstanding sums within
15 days of receiving notice of the decision granting the request.
Until
full payment is received, the warranties or security must be in effect for the
duration of the instalment period. The judgment granting the application for
payment by instalments shall be declared void if the applicant does not pay the
payments by the dates specified.
Comments
Post a Comment