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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.
An amount of money saved, put aside or made available for a specific purpose.
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.
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.
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.
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.
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.
An autonomous administrative body of a self-governed country.
The place that an individual intends to be his/her permanent home and to which such individual intends to remain.
A body of law at the highest level of federal government, consisting of a constitution, enacted laws and all court decisions pertaining to them.
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..
Data that can be freely used, shared and built-on by anyone for any purpose.
The Foreign Account Tax Compliance Act (FATCA) is a United States legislation created to prevent tax evasion by US taxpayers around the globe.
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.
The process of developing or translating an existing idea or invention to create value for the end user.
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