The Authority's fiscal year shall begin on the first of January and end on the thirty first of December each year. However, the first fiscal year of the Authority shall begin as of the effective date of this Decree-law and end on the thirty first of December of the following year.
The Authority's funds shall be deemed public funds and they shall be exempted from all taxes and fees.
1. The Authority shall have a stable yearly budget.
2. The financial surpluses from the Authority's self-generated revenues from any fiscal year shall be carried forward to cover the Authority's approved budget for the subsequent fiscal years.
1. The Director General shall exercise the competencies that are granted thereto by the Board and necessary to manage the Authority and represent it in its relations with third parties and before the court. He shall assume the following in particular:
The Authority shall have a Director General in the grade of Undersecretary who shall be appointed by a federal decree based on the basis of the Chairman's nomination and Board's approval.
The Board is the highest power overseeing the Authority's affairs and managing its business. The Board shall assume the following in particular:
1. Drafting the Authority's general policy and overseeing its implementation after being approved by the Cabinet;
2. Proposing the general policy of taxes in light of the policy of the State, in co-ordination with the Ministry and overseeing its implementation. The Cabinet shall issue the necessary resolutions in this respect;
3. Supervising the Authority's performance of its duties;
4. Issuing the regulations and decisions necessary for regulating the Authority's work;
5. Proposing the Authority's organizational chart and approving it by the Cabinet;
6. Proposing the Authority's HR system, including the appointment of the employees thereof and the payroll. The system shall be ratified by a resolution of the Cabinet;
7. Proposing the financial and purchases regulations in accordance with the principles of transparency and accountability. The regulations shall be ratified by a resolution of the Cabinet;
8. Approving the Authority's draft balance sheet and final account for submission to the Cabinet for ratification;
9. Appointing one or more independent and certified auditors to audit the Authority's accounts, and determine the fees thereof;
10. Proposing the fees of the services that the Authority provides and the administrative fines resulting from the violation thereof and submitting them to the Minister to provide a recommendation on the same. A resolution of the Cabinet shall be issued in this respect;
11. Appointing the executive directors of the Authority's sectors;
12. Submitting an annual report about the Authority's achievements and progress of work to the Cabinet; and
13. Any other functions assigned to the Board by virtue of the tax laws or by the Cabinet. The Board may for from among its members one or more committees to study and examine some of the matters that fall within its jurisdiction. The Board may invite whoever it deems fit to attend the meetings thereof without being granted the right to vote.
The Authority shall be managed by a board of directors that shall be chaired by the Minister and a sufficient number of members who shall be appointed and remunerated by a resolution of the Cabinet on the basis of the Minister's recommendation. The Cabinet resolution shall determine the Board's order of business.
The Authority shall be competent to:
1. Administer, levy and implement federal taxes and related fines, distribute their revenues and enforce the applicable tax procedures in the State. In order to achieve this, the Authority may:
The Authority's head office shall be located in Abu Dhabi. the Authority may set up branches and offices in the State under a decision of the Board.
A federal Authority called "Federal Tax Authority" shall be established by virtue of this Decree-law. It shall have a separate legal personality, the necessary legal capacity to act and financial and administrative independency.