Public finance and taxation notes pdf
Topic 1: Introduction to Public Finance. Subject: Public Finance & Taxation
Public finance and taxation revision study notes
It has been held as a study of principles underlying the spending and raising of funds by the public authorities. The various theories which form the basis of the collection; maintenance and expenditure of the public income constitute the subject and matter of finance. It covers a full discussion of the influence of government fiscal operations on the level of overall activity, employment, prices and growth process of the economic system as a whole. According to Musgrave, the scope of public finance embraces the following three functions of the governments budgetary policy confined to the fiscal department the:. Private finance is the study of the income, debt and expenditure of the individual or a private company or business venture or an association.
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.
Pius A. Maneno Executive Director B4 – Public Finance and Taxation I About the Please, read the notes carefully in the appendix before filling in the form.
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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. Capital deductions - Rationale for capital deductions - Investment deductions: ordinary manufacturers - Industrial building deductions - Wear and tear allowances - Farm works deductions - Mining allowance - Shipping investment deduction - Other deductions.