Ministry seeks expert real estate evaluation for maximizing returns

The Ministry of Finance unveiled its annual plan for tenders, practices, and contracts to be presented in the fiscal year 2024-2025. This plan encompasses approximately 63 tenders and practices, with a significant focus on evaluating the state’s private real estate assets. The ministry aims to engage a specialized real estate evaluation company to optimize returns from its real estate portfolio.

The list of practices that the ministry intends to introduce during the current year includes several tasks related to managing the automated information center.

These tasks include renewing licenses and maintaining the ministry’s firewall devices, renovating, maintaining, and equipping the main computer room of the information center, renewing licenses for the anti-virus program, and evaluating the security situation to discover loopholes in the Ministry of Finance’s network.

The Ministry of Finance’s practices include:

• Implementing the planning and budgeting system for the public sector.
• Executing the strategic plan system of the Ministry of Finance.
• Carrying out the BEPS project to combat tax base erosion and profit shifting.
• Providing electronic services to the tax administration.
• Performing maintenance and technical support for the KITAS automated tax system.
• Offering support services in financial fields and systems for the ministry’s financial and tax affairs sector.
• Supplying, installing, and operating the Integrated Tax Administration (ITAS) and electronic services.
• Maintaining operational environment equipment for expropriation management.
• Overseeing the implementation of the Integrated Tax Administration System (ITAS) project and providing associated advisory services.
• Providing specialized anti-virus software for the tax information exchange program, the automated system of the CRS, CBCR, and FATCA agreements.
• Supplying, operating, and maintaining the tax information exchange program.
• Engaging specialist international tax consultant.
• Providing and maintaining electronic services for tax administration.

The ministry’s plan encompasses several tenders:

1. Inviting a tender for the maintenance and restoration of state-owned buildings and simple construction works in various locations across the country.
2. Inviting a tender to install an air conditioning system (char) in the internal market (Prince Market).
3. Inviting a tender to install a fire fighting and alarm system with all its accessories, and obtaining a firefighting license in the internal market (Prince Market).
4. Tender to support and maintain the central automated collection system for government dues.
5. Tender for the digital transformation of Ministry of Finance documents and procedures.