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Terms and Definitions

Below are listed a number of technical terms featured throughout the website, alongside an explanation for the meaning of each of those terms, phrases or abbreviations.

Fund

An amount of money saved, put aside or made available for a specific purpose.

Federal Budget

The government's estimate of spending and revenue for each fiscal year, or in the case of the UAE – the next five years. Federal spending from the budget will be on activities that benefit the wider public.

Budget Allocations

The amount of funding designated to each expenditure line, entity or organisation within the government, judged on a case-by-case basis, taking into account previous activities and expenditure, and prospective financial requirements for continued activity and improvements.

Strategic Plan

The process of envisioning preferred future, before translating this vision into defined goals or objectives, along with a sequence of steps that must be taken so as to achieve them.

VAT (Value Added Tax)

A type of consumption tax placed on a product whenever value is added at a stage of production and at final sale. Most commonly found throughout the European Union, VAT will be introduced in the UAE on 1st January 2018.

Economic Integration

An agreement among countries in a specific region to reduce/remove tariff and non-tariff barriers that impede the free flow of goods or services among each other.

Autonomous Federal Entity

An autonomous administrative body of a self-governed country.

Tax Domicile

The place that an individual intends to be his/her permanent home and to which such individual intends to remain.

Federal Law

A body of law at the highest level of federal government, consisting of a constitution, enacted laws and all court decisions pertaining to them.

Double Taxation Agreement

An agreement between two countries that reduces the tax bill for any individual that resides in one country but is a citizen in another. The agreement prevents the individual from paying tax to both countries..

Open Data

Data that can be freely used, shared and built-on by anyone for any purpose.

FATCA

The Foreign Account Tax Compliance Act (FATCA) is a United States legislation created to prevent tax evasion by US taxpayers around the globe.

CRS

A global reporting standard for the automatic exchange of information to allow tax authorities to obtain a clearer understanding of financial assets held abroad by their residents for tax purposes.

Innovation

The process of developing or translating an existing idea or invention to create value for the end user.


Page last updated : 25/03/2019 8:34 AM