Tuesday 17 November 2020
Stemming from its mission in providing financial services and advice to support comprehensive development plans and programs with qualified cadres, and in order to achieve the strategic goal of the government of Ras Al Khaimah, which stipulates (raising the level of community happiness), and for two consecutive days (16 and 17 November 2020), and under the slogan (Excel Financially in your project) for national project owner; The Department of Finance of the Government of Ras Al Khaimah organized a training program remotely through the virtual platform (Microsoft Teams) aimed at supporting those with national projects, to enable them to manage their projects financially and accounting by providing them with the necessary knowledge to give them the skills that contribute to the success of their national projects and bring them into the scope of competition with projects of the same nature.
The training program included four working papers represented by four organizational units of the Finance Department: (Budget and Financial Planning, Governmental Accounts, Central Procurement, Tax and Information Exchange).
The first was presented by Ms. Hajar Muhammad al-Shehhi, “Manager of the Budget Department,” in which she touched on the importance of planning in life, dealing with the characteristics of the estimation, and a review of budget (planning, coordination, control), also addressing the advantages and disadvantages, types, procedures and stages of preparing and classifying.
The second paper was presented by Mr. Ahmed Khaled Al-Jukka, “Head of the Treasury Division” with the foundations of business namely: (Market study and the need for the product, competitors, financial study and financing methods, Product-specific costs, consideration of selling prices , market viability, and company profile); Emphasizing the importance of the accounting system in terms of providing financial and accounting information upon request, he also reviewed the types of financial statements: (balance sheet, income statement, cash flow statement, changes in capital and property rights).
The third, presented by Mr. Muayad Adnan Al-Haddad, "Senior Procurement Specialist", dealing with the concept of procurement management and the main tasks of the department, implementing the purchase, reviewing the procurement cycle (purchase requisition, request for quotation, receipt of quotations, analysis of quotations. Issuing the purchase order, issuing the receipt of the commodity or service, issuing the purchase invoice The fourth and final was presented by Mr. Ibrahim Ahmed Al-Iraqi, "Head of the Value-Added Tax" defining the concept of value-added tax imposed on most goods and services at every stage of the supply chain ending at the final consumer. As the registered businesses calculate and collect tax on behalf of the Federal Tax Authority, the registered businesses also report the value-added tax collected or incurred by it to the Federal Tax Authority, Businesses also import or claim taxes collected or incurred in favor of the Authority; Then he explained how its calculated, and the tax return, stressing the need to adhere to the tax laws and regulations, and explaining the administrative fines for non-compliance.