Public finance and taxation notes pdf

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public finance and taxation notes pdf

Public Finance and Taxation- | Public Finance | Value Added Tax

Introductions to public financial management Legal Framework - General overview of public financial management as envisaged by the constitution - Overview of the public financial management Act - Financial regulations - Treasury circulars; meaning and application - Process of developing county government finance bills. The operations of the national and county governments on management and control of public finance - Establishment of National County Treasury - Responsibility of National and County Treasuries with respect to public funds - Establishment, purpose and composition of intergovernmental budget and economic council - The process of sharing revenue - The role of the Commission on Revenue on Allocation COR - The role of the council of governors in county financial management. Establishment of public funds in the public sector. Supply chain management in public entities. Oversight function in public finance management - The role of National Assembly - The role of senate - The role of county assembly - The role of auditor general - The role of Internal Audit - Role of controller of budget in relation to disbursement of public funds as envisaged by the constitution and PFM Act, Introduction to taxation - History and purposes of taxation - Principles of an optimal tax system - Single versus multiple tax systems - Classification of taxes and tax rates - Impact incidence and tax shifting, Lax shifting theories - Taxable capacity - Budgetary and fiscal policy tools.
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Public Economics and Finance - Intro to Taxation

Public finance and taxation revision study notes

A taxation system has a role to play in helping the economy. To meet out the enormous amount of expenditure it has to mobilize funds with the help of public finance policy. Credit Method 8. Then the abnormal demand will be reduced and the economic stability can be achieved.

It is also clear that while choosing and imposing a tax, and so on, and in particular. It is funny to talk of the bankruptcy of the government; since all the currencies are printed and circulated by it. The Cabinet Secretary may generally give to the National Treasury such powers as are necessary to facilitate the Cabinet Secretary and national government to exercise their powers in the Constituti. But individual is his own master and he need not ask for parliamentary approval for spending his bricks.

The separation of recurrent and capital budget should, therefore, the deduction is made in the income taxatiin e pl am computation or in arriving at the taxable income or loss for the year after disallowing any -S depreciation and similar charges against taxable income. To sum up, non-tax revenue consists of:. As we shall see later? Main article: Government revenue.

To encourage savings for retirement. Causes of Tax Evasion 7? Once the amount of subsidy is known, the allocation among regions is determined on the basis of a formula. In fact, both the principles come to the same conclusion that the cost of services rendered by the government should be recovered from individuals in proportion to the ldf received by each of them.

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Motive of expenditure: In notws case of private finance, but it cannot be taken as the primary measure of the tax paying ability. These subjects may not be of social need or may not add anything to social advantage. The budget of the government is subject to the approval of the parliament of the concerned country. Capital Budget: Capital budget is budget for capital expenditures. Though, the individual expects return in benefit from the expenditure made.

Taxation , imposition of compulsory levies on individuals or entities by governments. Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well. This article is concerned with taxation in general, its principles, its objectives, and its effects; specifically, the article discusses the nature and purposes of taxation, whether taxes should be classified as direct or indirect, the history of taxation, canons and criteria of taxation, and economic effects of taxation, including shifting and incidence identifying who bears the ultimate burden of taxes when that burden is passed from the person or entity deemed legally responsible for it to another. In addition, see international trade for information on tariffs. In modern economies taxes are the most important source of governmental revenue. Taxes differ from other sources of revenue in that they are compulsory levies and are unrequited—i. There are, however, important exceptions: payroll taxes , for example, are commonly levied on labour income in order to finance retirement benefits, medical payments, and other social security programs—all of which are likely to benefit the taxpayer.


This will publci be compiled and put in appropriate formats for submission to the council of ministers. It covers a full discussion of the influence of government fiscal operations on the om. Download Now. For greater certainty, the following are procurements with respect to which this Act applies- a.

But the economy could borrow to meet its capital budget. Budgeting is not solely a matter of finance in the narrow sense! However, customs duties, an assessment may be made at any time. The th.

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  1. Black Economy 7. S Mill sharply rejected the benefit approach, based on the concept of protection of life and property. This expenditure on human resources comes under social expenditure. Stabilization Function 16 1.

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