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Image used for illustrative purpose. UAE Dirham coins in a trunk and wooden rosary.
UAE – Mubasher: The UAE Ministry of Finance (MoF) has launched the Federal Automated Revenue Estimation System (FARES), fulfilling the UAE Vision 2021 to develop the digital transformation in the country.
With the FARES, coinciding with the revenue cycle of 2022-2026, the ministry seeks to automate the revenue estimations and improve financial technologies, according to a press release on Tuesday.
The assistant undersecretary of resource and budget sector, Saeed Rashid Al Yateem, said: "The new system affords federal ministries and government bodies several advantages, including a unified window to link all relevant data between the federal financial system and the e-dirham system."
Al Yateem added: "The FARES system is based on estimated transactions, which reflect economic activity of government services. It also allows users to assess the influence economic drivers such as GDP, inflation, labour market index, and more."
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