The general revenue of the Union shall consist of the income from the following resources: -
- Taxes. Fees and duties imposed under a Union law in matters within the legislative and executive jurisdiction of the Union.
- Fees and rates received by the Union in return for services provided.
- Contribution made by member Emirates of the Union in the Annual Budget of the Union in accordance with the article herein coming after.
- Union income from its own properties.
The member Emirates of the Union shall contribute specified proportion of their annual revenues to cover the annual general budget expenditure of the Union, in the manner and on the scale to be prescribed in the Budget Law.
The Law shall prescribe the method of preparing the general budget of the Union and the final accounts. The law shall also define the beginning of the financial year.
The draft annual budget of the Union, comprising estimates of revenues and expenditure, shall be referred to the Federal national council at least two months before the beginning of the financial year, for discussion and submission of comments thereon, before the draft budget is submitted to the supreme council of tile Union, together with those comments, for assent.
A Law shall issue the annual general budget. In all cases, where the budget Laws has not been promulgated before the beginning of the financial year. Temporary monthly funds may be made by Union decree on the basis of one twelfth of the funds of the previous financial year. Revenues shall be collected and expenditure disbursed in accordance with the Laws in force at the end of the preceding financial year.
All expenditure not provided for in the budget, all expenditure in excess of the budget estimates and a Law must cover all transfers of sums from one part to another of the Budget.
Notwithstanding the foregoing, in case of extreme urgency, such expenditure or transfer may be arranged by decree-Law in conformity with the provisions of Article 113 of this Constitution.
The Union shall allocate in its annual budget a sum from its revenue to be expended on building, and construction projects, internal security and social affairs according to the urgent needs of some of the Emirates.
The execution of these projects and disbursement thereon shall be drawn from these funds. Accomplished by means of and under the supervision of the competent Union bodies with the agreement of authorities of the Emirates concerned. The Union may establish a special fund for this purpose.
No Union tax may be imposed, amended or abolished except by virtue of Law. No person may be exempted from payment of such taxes expect in the cases specified by Law.
Union taxes, duties and fees may not be levied on any person except within the limits of the Law and in accordance with its provisions.
A Union Law may contract except no public loan. No commitment involving the payment of sums from Union Exchequer in a future year or years may be concluded except by means of a Union Law.
The final accounts of the financial administration of the Union for the completed financial years shall be referred to the Federal national council within the four months following the end of the said year, for its comments thereon, before their submission to the Supreme Council for approval, in the light of the Auditor-General's report.
An independent Union department headed by an Auditor-General who shall be appointed by decree, shall be established to audit the accounts of the Union and its organs and agencies, and to audit any other accounts assigned to the said department for that purpose in accordance with the law.
The law shall regulate this department and shall define its jurisdiction and the competence of those working therein, and the guarantees to be given to it, its head and the employees working in it in order that they may carry out their duties in the most efficient manner.