The document discusses fiscal policy and government budgets in Pakistan, outlining tools like taxes and expenditures and the types of fiscal policy. It also provides details on Pakistan's annual budget, including revenue and expenditures for 2013-2014, and discusses the National Finance Commission Awards which determine the distribution of financial resources among Pakistani provinces.
Fiscal policy! Pakistan Budget 2013 to 2014Rahma Haseeb
The document discusses fiscal policy and Pakistan's government budget, including details on revenue collection from taxes, government expenditures, the types of fiscal policy, and an overview of the 2013-2014 budget which aimed to reduce the fiscal deficit while increasing tax revenue and containing inflation. It also provides information on the National Finance Commission Awards which determine the distribution of financial resources between the federal and provincial governments.
The document discusses fiscal administration and the budget process in the Philippines. It covers:
1) Key aspects of fiscal administration including intergovernmental relations and the roles of agencies like Congress, the Department of Finance, and Commission on Audit.
2) Sources of funds for local governments including internal revenue allotments, shares of national wealth and taxes, and the formulas for allocating these funds.
3) Core budget concepts used by the Philippine government like the one-fund concept, balanced budgeting, and total resource budgeting. It also discusses the annual budget cycle.
Public Fiscal Management (Economic planning and fiscal management in the Phil...Jeff Gadong
The Philippines has traditionally had a private enterprise economy with limited government intervention. While some state-owned enterprises expanded under Marcos, the Aquino government pursued privatization. Economic planning focused on growth targets and project implementation. Responsibility for planning fell to the National Economic and Development Authority (NEADA). The NEADA produced several 5-year plans under Marcos and Aquino focusing on poverty alleviation, employment, and equitable growth. However, goals were not always achieved due to conflicts and indecisiveness. The government also focused on maintaining relations with international creditors, limiting development spending.
The document summarizes Pakistan's fiscal policy and economic performance in recent years. It notes that Pakistan experienced serious macroeconomic imbalances in FY2007-08. To address this, the government passed a Fiscal Responsibility and Debt Limitation Act in 2005 requiring adherence to fiscal targets. The document reviews Pakistan's fiscal performance in FY2007-08 and projections for FY2008-09, including projections that the fiscal deficit will decline to 4.2% of GDP in 2008-09 from 7.4% in 2007-08. It also discusses trends in revenues, expenditures, debt levels, and the government's efforts to reform taxation policies to generate more sustainable revenues.
The document discusses fiscal policy and public finance in the Philippines. It describes the government agencies responsible for fiscal administration, including the Department of Finance and bureaus that handle tax collection, treasury, and government corporations. It then discusses how different presidential administrations in the Philippines approached fiscal policy through taxes, spending, and management of fiscal deficits and debt.
The document discusses approaches and tools for local government units (LGUs) in resource mobilization. It notes that LGUs have a dual nature as they can impose taxes and fees using their taxing powers, and also operate economic enterprises and charge for services using their corporate powers. The document outlines various revenue mobilization strategies available to LGUs, including increasing resources, expanding funding facilities, tapping private partners, restructuring budgets, and determining appropriate service delivery options. It provides tables and steps for effective revenue generation, analysis of revenue sources, and forecasting future revenues.
This document discusses public fiscal administration in the Philippines. It defines public fiscal administration as the formulation, implementation, and evaluation of taxation, revenue administration, resource allocation, budgeting, public expenditure, borrowing, debt management, accounting, and auditing policies. It describes how fiscal policies are closely linked to other government policies and are influenced by political processes. It also outlines the key government agencies involved in fiscal policy administration and their roles, including the Department of Finance, Department of Budget and Management, National Economic Development Authority, Bangko Sentral ng Pilipinas, and Development Budget Coordination Council.
Public Finance by April Lucas, South Carolina Economic Development 101, Decem...Nexsen Pruet
Burnie Maybank hosted the Nexsen Pruet Newbie Seminar on December 1, 2011. The Newbie Seminar is designed for those new to the economic development field in South Carolina or those who would like some brushing up. Covered topics included basic property, sales and income taxes, as well as Bonds, the utility tax credit and FOIA.
This presentation contains the public finance portion of the seminar presented by Nexsen Pruet economic development/ public finance attorney April Lucas.
Fiscal policy! Pakistan Budget 2013 to 2014Rahma Haseeb
The document discusses fiscal policy and Pakistan's government budget, including details on revenue collection from taxes, government expenditures, the types of fiscal policy, and an overview of the 2013-2014 budget which aimed to reduce the fiscal deficit while increasing tax revenue and containing inflation. It also provides information on the National Finance Commission Awards which determine the distribution of financial resources between the federal and provincial governments.
The document discusses fiscal administration and the budget process in the Philippines. It covers:
1) Key aspects of fiscal administration including intergovernmental relations and the roles of agencies like Congress, the Department of Finance, and Commission on Audit.
2) Sources of funds for local governments including internal revenue allotments, shares of national wealth and taxes, and the formulas for allocating these funds.
3) Core budget concepts used by the Philippine government like the one-fund concept, balanced budgeting, and total resource budgeting. It also discusses the annual budget cycle.
Public Fiscal Management (Economic planning and fiscal management in the Phil...Jeff Gadong
The Philippines has traditionally had a private enterprise economy with limited government intervention. While some state-owned enterprises expanded under Marcos, the Aquino government pursued privatization. Economic planning focused on growth targets and project implementation. Responsibility for planning fell to the National Economic and Development Authority (NEADA). The NEADA produced several 5-year plans under Marcos and Aquino focusing on poverty alleviation, employment, and equitable growth. However, goals were not always achieved due to conflicts and indecisiveness. The government also focused on maintaining relations with international creditors, limiting development spending.
The document summarizes Pakistan's fiscal policy and economic performance in recent years. It notes that Pakistan experienced serious macroeconomic imbalances in FY2007-08. To address this, the government passed a Fiscal Responsibility and Debt Limitation Act in 2005 requiring adherence to fiscal targets. The document reviews Pakistan's fiscal performance in FY2007-08 and projections for FY2008-09, including projections that the fiscal deficit will decline to 4.2% of GDP in 2008-09 from 7.4% in 2007-08. It also discusses trends in revenues, expenditures, debt levels, and the government's efforts to reform taxation policies to generate more sustainable revenues.
The document discusses fiscal policy and public finance in the Philippines. It describes the government agencies responsible for fiscal administration, including the Department of Finance and bureaus that handle tax collection, treasury, and government corporations. It then discusses how different presidential administrations in the Philippines approached fiscal policy through taxes, spending, and management of fiscal deficits and debt.
The document discusses approaches and tools for local government units (LGUs) in resource mobilization. It notes that LGUs have a dual nature as they can impose taxes and fees using their taxing powers, and also operate economic enterprises and charge for services using their corporate powers. The document outlines various revenue mobilization strategies available to LGUs, including increasing resources, expanding funding facilities, tapping private partners, restructuring budgets, and determining appropriate service delivery options. It provides tables and steps for effective revenue generation, analysis of revenue sources, and forecasting future revenues.
This document discusses public fiscal administration in the Philippines. It defines public fiscal administration as the formulation, implementation, and evaluation of taxation, revenue administration, resource allocation, budgeting, public expenditure, borrowing, debt management, accounting, and auditing policies. It describes how fiscal policies are closely linked to other government policies and are influenced by political processes. It also outlines the key government agencies involved in fiscal policy administration and their roles, including the Department of Finance, Department of Budget and Management, National Economic Development Authority, Bangko Sentral ng Pilipinas, and Development Budget Coordination Council.
Public Finance by April Lucas, South Carolina Economic Development 101, Decem...Nexsen Pruet
Burnie Maybank hosted the Nexsen Pruet Newbie Seminar on December 1, 2011. The Newbie Seminar is designed for those new to the economic development field in South Carolina or those who would like some brushing up. Covered topics included basic property, sales and income taxes, as well as Bonds, the utility tax credit and FOIA.
This presentation contains the public finance portion of the seminar presented by Nexsen Pruet economic development/ public finance attorney April Lucas.
This document outlines a course on public finance. It begins by defining public finance and the public finance cycle. It then discusses the formulation of fiscal policy and the generation of revenue through taxation and other sources. It describes the various types of taxes and revenues. It also covers government expenditures through the national and local budget process. Other topics include public borrowing, budget accountability, and the role of the Commission on Audit in ensuring accountability.
Public financial management assessment in the philippinesCHED
1. The Philippines has experienced rapid economic growth in recent years but faces challenges in reducing poverty and achieving development goals.
2. The country's public financial management system is fragmented across multiple agencies and lacks coordination, while political involvement in the budget process has undermined credibility and efficiency.
3. Recent fiscal consolidation efforts have focused on raising revenues and prioritizing spending on key areas, trimming the fiscal deficit. However, public expenditure management remains relatively inefficient.
Government revenue(Public Fiscal Administration)Suzana Vaidya
The document discusses government revenue and taxation. It defines government revenue as money received by a government from sources like taxes on income, wealth, goods, services, exports/imports, and non-tax sources like profits from state-owned corporations. Revenue is used to fund government services that benefit the public like infrastructure development. The main sources of government revenue are taxes, non-tax revenue, and capital receipts. Taxes are either direct taxes paid directly by individuals/corporations or indirect taxes paid to intermediaries and passed on to consumers. Non-tax revenue comes from sources like dividends, interest, fees, and grants. A good tax system aims to raise sufficient and equitable revenue while minimizing economic burden and incentivizing productivity
The document discusses Pakistan's fiscal policy. It notes that fiscal policy involves the government using tax revenue and public expenditures to achieve economic objectives like growth and stability. However, Pakistan has faced fiscal deficits in recent years due to high non-development spending on areas like defense and debt interest. This is compounded by a lower tax collection as a result of tax evasion and lower industrial productivity. To improve its fiscal position, Pakistan needs measures like increasing tax rates, broadening the tax base, and reducing non-essential expenditures.
Composition of ethiopian domestic revenues and tax buoyancies (1975 2013)Alexander Decker
This document analyzes the composition and trends of Ethiopian domestic revenues from 1975-2013. It finds that total domestic revenues as a percentage of GDP have increased under the EPRDF government compared to the Derg regime, reaching a high of 17.13% in 2004/05. However, domestic revenues also experienced high volatility, declining sharply at times. Tax revenues are the largest component and have historically been inelastic. Indirect taxes, especially foreign trade taxes, account for the majority of tax revenues. The study aims to examine tax buoyancies under the two governments to better understand domestic resource mobilization challenges in Ethiopia.
DOF-BLGF performance standards for treasurersphaltra
The document outlines performance standards for local treasurers and assistant treasurers in the Philippines. It establishes two types of goals - Operational Performance Goals (OPGs) that measure outputs and outcomes in revenue generation and fund management, and Competency Performance Goals (CPGs) that assess non-technical competencies. Key OPGs include local collection efficiency, revenue growth, fund management, use of legal remedies, and cost-effective collection. Performance will be evaluated regularly to improve fiscal management skills.
This presentation was made by Amanella Arevalo, Philippines, at the 12th Annual Meeting of OECD-Asian Senior Budget Officials held in Bangkok, Thailand, on 15-16 December 2016
The fiscal system of India is based on the constitution and envisages two levels of government - central and state. The constitution distributes legislative powers and taxes across Union, State and Concurrent lists. The central government's tax revenues come from taxes like income tax, customs duties, and excise duties which are either retained by the center or shared with states. Expenditure consists of revenue expenditure on general, social and economic services and capital expenditure. The fiscal deficit is the excess of total expenditure over total receipts and represents the government's total borrowing requirement.
Fiscal policy refers to a government's taxing and spending decisions. The document discusses the fiscal policies of past Philippine administrations. The Marcos administration focused on indirect taxes and infrastructure spending. The first Aquino administration reduced deficits through tax reform and a value added tax. The Ramos administration had surpluses from asset sales and foreign investment. The Arroyo administration enacted expanded VAT but debt peaked and infrastructure spending declined. The current Aquino administration faced deficits but raised GDP.
Government needs resources to perform political, social, and economic activities to maximize welfare. It obtains resources through public revenues, which come from tax revenue and non-tax revenue. Tax revenue includes direct taxes like income tax paid directly to the government by taxpayers, and indirect taxes like sales tax where the burden is passed on to consumers. Non-tax revenue sources include profits from public enterprises, railways, postal services, the Reserve Bank of India, and income from currency and mint. Together, tax and non-tax revenues make up the central government's primary source of funding.
This Memorandum summarizes an overview of economy for the year 2015-2016 and the important changes proposed through the Finance Bill 2016. It contains comments on the budget and on the Finance Bill 2016, including highlights of the changes brought through the Income Tax Ordinance, 2001, the Sales Tax Act, 1990, the Federal Excise Act, 2005, the Customs Act, 1969, the Islamabad Capital Territory (Tax on Services) Ordinance, 2001 and Fiscal Responsibility and Debt Limitation Act, 2005. The amendments proposed through the Income Tax Ordinance, 2001 and through other laws are intended to be effective once the parliament has accorded its assent and thereafter, would be effective from July 01, 2016 i.e. tax year 2017 unless otherwise indicated.
This Memorandum is intended to provide general guidance to the readers on the important changes brought through the Bill and should not be considered as a substitute for specific advice relating to a particular enactment. For considering the precise effect of a proposed change, reference should be made to the appropriate wordings in the relevant statutes and the notifications issued where relevant.
Presentation by hm national planning at the 2013 democracy dayNigeria Centenary
This document summarizes a presentation given by Dr. Shamsuddeen Usman on Nigeria's Transformation Agenda. It outlines Nigeria's strategic planning framework which includes Vision 20:2020 developed in 2009 to be achieved through 3 medium-term plans including the Transformation Agenda from 2011-2015. The review found the agenda had made considerable progress towards its macroeconomic and sectoral targets over the last two years, however more work remains to be done in the next two years to fully address ongoing challenges and transform Nigeria as promised.
The document discusses key aspects of government budgets including:
- Budgets show estimated annual receipts and expenditures and are divided into revenue and capital components.
- Objectives include reallocating resources, managing public enterprises, and promoting economic stability.
- Receipts are classified as revenue or capital, and expenditures are classified as revenue or capital.
- Budgets can be balanced, in surplus, or in deficit depending on a comparison of estimated receipts to expenditures.
- Deficits include revenue deficit, fiscal deficit, and primary deficit, with fiscal deficit being the broadest measure of imbalance.
The document discusses fiscal administration in the Philippines, outlining the government agencies and processes involved in public financial management. It describes the national and local budgeting systems, including the stages of budget preparation, authorization, implementation and accountability. Key aspects of local fiscal administration are also summarized such as revenue sources, legal basis, types of funds, and the local budgetary process.
This document outlines best practices for budget transparency put forth by the OECD. It recommends that governments produce four key budget reports: 1) the annual budget, 2) a pre-budget report, 3) monthly reports, and 4) a mid-year report. These reports should provide comprehensive financial and performance information on revenues, expenditures, assets, liabilities, and economic assumptions to allow for proper oversight and informed policymaking. Timely publication of reports within 3-6 weeks is also emphasized to support transparency.
Fiscal policy involves the government raising revenue through taxation and determining spending levels to address economic issues like excess or deficient demand. The key instruments of fiscal policy are taxes, government spending, and deficit financing. In times of deficient demand, fiscal steps include decreasing taxes, increasing spending, and increasing the deficit. The opposite measures are taken during periods of excess demand. Fiscal policy aims to promote capital formation, economic development, stability, and address issues like inflation and inequality. Government budgets project revenue, expenditure, deficits, and surpluses on an annual basis.
One of my last presentations when I was still with DBM (March 2016), on recent fiscal transparency reforms that, apart from improving the Philippines' score in the Open Budget Index, sought to empower citizens in the budget process.
Fiscal policy involves the government making discretionary changes to taxation, expenditures, and borrowings to achieve macroeconomic goals. It is an essential tool for overcoming recessions and inflation as well as promoting economic growth. Fiscal policy instruments include changes to budget deficits or surpluses, the level and composition of government expenditures, taxation levels and types, public debt, and deficit financing. The government uses these tools to target variables like disposable income, consumption, savings and investment to influence the overall economy.
National Development and Revenue ExpenditureKaren S.
The document discusses public fiscal administration in the Philippines, including taxation, revenue, and expenditures at the national and local levels. It provides details on:
- The roles of the Bureau of Internal Revenue and Bureau of Customs in tax collection.
- Sources of revenue and financing for the national government, local governments, and public corporations through taxation, borrowing, and other means.
- The processes involved in public expenditures at different levels of government.
Fiscal policy tools in Pakistan include government expenditures, revenues, and taxes. The government budget for 2015-16 aimed for 4.5% economic growth through revenues of Rs. 4,451 billion and expenditures of Rs. 969 billion for development and Rs. 3,482 billion for non-development. Direct taxes included income tax at 20% and corporate tax at 33%. Indirect taxes were sales tax and customs and excise duties, while non-tax revenue came from property, enterprises, and interest.
This document outlines a course on public finance. It begins by defining public finance and the public finance cycle. It then discusses the formulation of fiscal policy and the generation of revenue through taxation and other sources. It describes the various types of taxes and revenues. It also covers government expenditures through the national and local budget process. Other topics include public borrowing, budget accountability, and the role of the Commission on Audit in ensuring accountability.
Public financial management assessment in the philippinesCHED
1. The Philippines has experienced rapid economic growth in recent years but faces challenges in reducing poverty and achieving development goals.
2. The country's public financial management system is fragmented across multiple agencies and lacks coordination, while political involvement in the budget process has undermined credibility and efficiency.
3. Recent fiscal consolidation efforts have focused on raising revenues and prioritizing spending on key areas, trimming the fiscal deficit. However, public expenditure management remains relatively inefficient.
Government revenue(Public Fiscal Administration)Suzana Vaidya
The document discusses government revenue and taxation. It defines government revenue as money received by a government from sources like taxes on income, wealth, goods, services, exports/imports, and non-tax sources like profits from state-owned corporations. Revenue is used to fund government services that benefit the public like infrastructure development. The main sources of government revenue are taxes, non-tax revenue, and capital receipts. Taxes are either direct taxes paid directly by individuals/corporations or indirect taxes paid to intermediaries and passed on to consumers. Non-tax revenue comes from sources like dividends, interest, fees, and grants. A good tax system aims to raise sufficient and equitable revenue while minimizing economic burden and incentivizing productivity
The document discusses Pakistan's fiscal policy. It notes that fiscal policy involves the government using tax revenue and public expenditures to achieve economic objectives like growth and stability. However, Pakistan has faced fiscal deficits in recent years due to high non-development spending on areas like defense and debt interest. This is compounded by a lower tax collection as a result of tax evasion and lower industrial productivity. To improve its fiscal position, Pakistan needs measures like increasing tax rates, broadening the tax base, and reducing non-essential expenditures.
Composition of ethiopian domestic revenues and tax buoyancies (1975 2013)Alexander Decker
This document analyzes the composition and trends of Ethiopian domestic revenues from 1975-2013. It finds that total domestic revenues as a percentage of GDP have increased under the EPRDF government compared to the Derg regime, reaching a high of 17.13% in 2004/05. However, domestic revenues also experienced high volatility, declining sharply at times. Tax revenues are the largest component and have historically been inelastic. Indirect taxes, especially foreign trade taxes, account for the majority of tax revenues. The study aims to examine tax buoyancies under the two governments to better understand domestic resource mobilization challenges in Ethiopia.
DOF-BLGF performance standards for treasurersphaltra
The document outlines performance standards for local treasurers and assistant treasurers in the Philippines. It establishes two types of goals - Operational Performance Goals (OPGs) that measure outputs and outcomes in revenue generation and fund management, and Competency Performance Goals (CPGs) that assess non-technical competencies. Key OPGs include local collection efficiency, revenue growth, fund management, use of legal remedies, and cost-effective collection. Performance will be evaluated regularly to improve fiscal management skills.
This presentation was made by Amanella Arevalo, Philippines, at the 12th Annual Meeting of OECD-Asian Senior Budget Officials held in Bangkok, Thailand, on 15-16 December 2016
The fiscal system of India is based on the constitution and envisages two levels of government - central and state. The constitution distributes legislative powers and taxes across Union, State and Concurrent lists. The central government's tax revenues come from taxes like income tax, customs duties, and excise duties which are either retained by the center or shared with states. Expenditure consists of revenue expenditure on general, social and economic services and capital expenditure. The fiscal deficit is the excess of total expenditure over total receipts and represents the government's total borrowing requirement.
Fiscal policy refers to a government's taxing and spending decisions. The document discusses the fiscal policies of past Philippine administrations. The Marcos administration focused on indirect taxes and infrastructure spending. The first Aquino administration reduced deficits through tax reform and a value added tax. The Ramos administration had surpluses from asset sales and foreign investment. The Arroyo administration enacted expanded VAT but debt peaked and infrastructure spending declined. The current Aquino administration faced deficits but raised GDP.
Government needs resources to perform political, social, and economic activities to maximize welfare. It obtains resources through public revenues, which come from tax revenue and non-tax revenue. Tax revenue includes direct taxes like income tax paid directly to the government by taxpayers, and indirect taxes like sales tax where the burden is passed on to consumers. Non-tax revenue sources include profits from public enterprises, railways, postal services, the Reserve Bank of India, and income from currency and mint. Together, tax and non-tax revenues make up the central government's primary source of funding.
This Memorandum summarizes an overview of economy for the year 2015-2016 and the important changes proposed through the Finance Bill 2016. It contains comments on the budget and on the Finance Bill 2016, including highlights of the changes brought through the Income Tax Ordinance, 2001, the Sales Tax Act, 1990, the Federal Excise Act, 2005, the Customs Act, 1969, the Islamabad Capital Territory (Tax on Services) Ordinance, 2001 and Fiscal Responsibility and Debt Limitation Act, 2005. The amendments proposed through the Income Tax Ordinance, 2001 and through other laws are intended to be effective once the parliament has accorded its assent and thereafter, would be effective from July 01, 2016 i.e. tax year 2017 unless otherwise indicated.
This Memorandum is intended to provide general guidance to the readers on the important changes brought through the Bill and should not be considered as a substitute for specific advice relating to a particular enactment. For considering the precise effect of a proposed change, reference should be made to the appropriate wordings in the relevant statutes and the notifications issued where relevant.
Presentation by hm national planning at the 2013 democracy dayNigeria Centenary
This document summarizes a presentation given by Dr. Shamsuddeen Usman on Nigeria's Transformation Agenda. It outlines Nigeria's strategic planning framework which includes Vision 20:2020 developed in 2009 to be achieved through 3 medium-term plans including the Transformation Agenda from 2011-2015. The review found the agenda had made considerable progress towards its macroeconomic and sectoral targets over the last two years, however more work remains to be done in the next two years to fully address ongoing challenges and transform Nigeria as promised.
The document discusses key aspects of government budgets including:
- Budgets show estimated annual receipts and expenditures and are divided into revenue and capital components.
- Objectives include reallocating resources, managing public enterprises, and promoting economic stability.
- Receipts are classified as revenue or capital, and expenditures are classified as revenue or capital.
- Budgets can be balanced, in surplus, or in deficit depending on a comparison of estimated receipts to expenditures.
- Deficits include revenue deficit, fiscal deficit, and primary deficit, with fiscal deficit being the broadest measure of imbalance.
The document discusses fiscal administration in the Philippines, outlining the government agencies and processes involved in public financial management. It describes the national and local budgeting systems, including the stages of budget preparation, authorization, implementation and accountability. Key aspects of local fiscal administration are also summarized such as revenue sources, legal basis, types of funds, and the local budgetary process.
This document outlines best practices for budget transparency put forth by the OECD. It recommends that governments produce four key budget reports: 1) the annual budget, 2) a pre-budget report, 3) monthly reports, and 4) a mid-year report. These reports should provide comprehensive financial and performance information on revenues, expenditures, assets, liabilities, and economic assumptions to allow for proper oversight and informed policymaking. Timely publication of reports within 3-6 weeks is also emphasized to support transparency.
Fiscal policy involves the government raising revenue through taxation and determining spending levels to address economic issues like excess or deficient demand. The key instruments of fiscal policy are taxes, government spending, and deficit financing. In times of deficient demand, fiscal steps include decreasing taxes, increasing spending, and increasing the deficit. The opposite measures are taken during periods of excess demand. Fiscal policy aims to promote capital formation, economic development, stability, and address issues like inflation and inequality. Government budgets project revenue, expenditure, deficits, and surpluses on an annual basis.
One of my last presentations when I was still with DBM (March 2016), on recent fiscal transparency reforms that, apart from improving the Philippines' score in the Open Budget Index, sought to empower citizens in the budget process.
Fiscal policy involves the government making discretionary changes to taxation, expenditures, and borrowings to achieve macroeconomic goals. It is an essential tool for overcoming recessions and inflation as well as promoting economic growth. Fiscal policy instruments include changes to budget deficits or surpluses, the level and composition of government expenditures, taxation levels and types, public debt, and deficit financing. The government uses these tools to target variables like disposable income, consumption, savings and investment to influence the overall economy.
National Development and Revenue ExpenditureKaren S.
The document discusses public fiscal administration in the Philippines, including taxation, revenue, and expenditures at the national and local levels. It provides details on:
- The roles of the Bureau of Internal Revenue and Bureau of Customs in tax collection.
- Sources of revenue and financing for the national government, local governments, and public corporations through taxation, borrowing, and other means.
- The processes involved in public expenditures at different levels of government.
Fiscal policy tools in Pakistan include government expenditures, revenues, and taxes. The government budget for 2015-16 aimed for 4.5% economic growth through revenues of Rs. 4,451 billion and expenditures of Rs. 969 billion for development and Rs. 3,482 billion for non-development. Direct taxes included income tax at 20% and corporate tax at 33%. Indirect taxes were sales tax and customs and excise duties, while non-tax revenue came from property, enterprises, and interest.
Fiscal policy refers to the government's spending and tax policies. It aims to achieve macroeconomic goals such as economic growth, employment generation, price stability, and balanced regional development. The key instruments of fiscal policy are government expenditure, government revenue, public debt, and budgetary surplus/deficit. Government expenditure includes spending on goods/services, wages, public investments, and transfer payments. Government revenue comes from taxes, which can be direct taxes like income tax or indirect taxes like VAT. Public debt includes borrowing from the public and central bank as well as external borrowing from international organizations. The budget aims to balance revenue receipts against expenditure payments.
The document defines key terms related to government budgets including:
- Components are revenue and capital budgets, with receipts classified as tax, non-tax, capital or revenue, and expenditures classified as capital or revenue.
- Objectives include reducing inequality, achieving stability, and economic growth.
- Deficit, revenue, fiscal and primary deficits are defined relating to differences between expenditures and receipts.
Revenue for both Union and State Government by J.K. Saha, AAOMB (1).pptxGUDAGUDA
The document provides an overview of revenue sources for the Union and State Governments in India. It discusses various types of revenue receipts like tax revenue, non-tax revenue, grants and capital receipts. Tax revenue sources include income tax, corporation tax, GST, customs and excise duties. Non-tax revenues arise from interests, dividends, departmental undertakings. Capital receipts are from asset sales and disinvestments. Data on the revenue baskets and top performing states by tax revenue ratio is also presented.
Fiscal policy deals with the taxation and expenditure decisions made by governments to influence macroeconomic variables. It has several components, including tax policy, expenditure policy, and debt management. The main objectives of fiscal policy are to achieve economic growth and stability, optimal resource allocation, income distribution, full employment, and poverty alleviation. Recent trends in India's fiscal policy include efforts to consolidate the budget and reduce the fiscal deficit through measures like rationalizing subsidies, increasing tax revenues, and easing inflation. The 2013-14 budget continues this consolidation with tax increases and reductions in customs duties on some goods.
This document discusses key aspects of fiscal policy in India. It defines fiscal policy as the government's approach to taxation, spending, and borrowing to achieve economic objectives like growth. The main objectives of fiscal policy are promoting growth, stabilizing the economy during recessions and booms, creating jobs, and redistributing income. It describes countercyclical fiscal policy, which aims to counter economic cycles through tax and spending adjustments. It also discusses concepts like the revenue budget, capital budget, budget deficits, and deficit financing.
The document summarizes key aspects of government budgets including:
- Components of government budgets include revenue receipts, capital receipts, and expenditures. Revenue receipts do not create liabilities while capital receipts do.
- Measures of budget deficits include revenue deficit, fiscal deficit, and primary deficit. The revenue deficit is the excess of revenue expenditure over revenue receipts. The fiscal deficit is the excess of total expenditure over total receipts.
- Deficits can imply the government is dissaving, borrowing more, or paying more in interest on previous loans. Well-managed budgets aim to minimize deficits.
Image result for budget definition economics
Definition: A budget is a description of a financial plan. It is a list of estimates of revenues to and expenditures by an agent for a stated period of time. Normally a budget describes a period in the future, not the past.
Comparison of Union Budget 2014-15, 15-16, 16-17, 17-18Shubham Singh
The document provides an overview of the key points from the Union Budget of India for multiple years. It discusses aspects like revenue and capital budgets, tax changes, subsidies, infrastructure and development allocations, banking and financial sector reforms, and social initiatives. Some highlights include increased allocation for smart cities, rural development, education and healthcare programs, tax benefits for SMEs and individuals, and recapitalization of public sector banks.
The document summarizes key fiscal policies in India since 2005, including objectives of fiscal policy like maintaining full employment and price stability. It outlines tools of fiscal policy like revenue, expenditure, debt, and deficit. It discusses the Fiscal Responsibility and Budget Management Act of 2003 and highlights of the annual budget and fiscal policies from 2005 to 2014, including changes to income tax rates and slabs, plan and non-plan expenditures, and other economic initiatives.
In any economy monetary and fiscal policies are used as powerful instruments to maintain a steady growth in the economy. The fiscal policy made by the government ,monetary policy controlled by RBI have are immensely reflected in the industrial policy of the economy.Thus India's updated industrial policy is oriented towards global competition.
Current fiscal and monetary industrial policy in india revisedFBS Business School
Monetary and fiscal policies are two important instruments that can be put to use by government in order to achieve stability in the economy.While monetary policy is implemented by RBI, the fiscal policy is implemented by the government.
Budget 2015 16 and fundamentals of union budget-b.v.raghunandanSVS College
The document provides an overview of the key aspects of the Indian Union Budget for 2015-16, including:
1) The meaning, objectives, and coverage of the Union Budget.
2) Details on revenue receipts including tax revenues, non-tax revenues, and principles of taxation.
3) Details on expenditure including plan expenditure focused on development and non-plan expenditure on administration.
4) Background and key proposals in the 2015-16 budget related to direct and indirect taxes, financial management, infrastructure, education, and social security.
in this PPT government budget and its classification of budget is explained. menaing of budget, different type of budget deficits are also explained in it. you can also find on what basis revenue and capital receipt and expenditure are classified.
different type of budget deficits and their implications are also explained.
The document summarizes key aspects of the South African 2014 budget including:
- Expected budget deficit of 4% of GDP narrowing to 2.8% by 2016/17 with debt stabilizing at 44.3% of GDP.
- Over the next 3 years, R410 billion will be spent on social grants and other spending includes education, infrastructure, and HIV/AIDS programs.
- Personal income tax relief of R9.3 billion with tax thresholds and rebates increasing. The fuel levy will increase by 20 cents.
- Reforms to retirement funds including taxing employer contributions and increased tax deductions for retirement savings up to R350,000 annually.
- Small business tax relief with increased turnover threshold
The document provides an overview of government budgets and their key components in India. It discusses:
- The meaning and objectives of government budgets, which are annual financial plans that help governments allocate resources and plan expenditures.
- The major components of government budgets, including revenue receipts (taxes, fees), capital receipts (borrowings, disinvestments), revenue expenditure, and capital expenditure.
- Measures of government deficits, including revenue deficit (when revenue expenditures exceed receipts), fiscal deficit (when total expenditures exceed total receipts), and primary deficit.
The document examines these concepts in the context of the Indian government's central budget and provides examples to illustrate revenue versus capital receipts and expenditures.
The document defines key terms related to government budgets, including revenue and capital budgets, receipts, expenditures, and types of deficits. It explains that a budget is the government's annual financial plan, outlining estimated revenues and expenditures. The objectives of budgets are to allocate resources, encourage investment, reduce inequality, and promote economic stability and growth. Revenue comes from taxes and non-tax sources, while expenditures are classified as revenue or capital. Deficits can be revenue-based, fiscal, or primary.
The document discusses the key components of government budgets, including:
- Revenue receipts, which do not create liabilities or reduce assets, such as tax revenues. Tax revenues include direct taxes like income tax and indirect taxes like VAT. Non-tax revenues include fees, licenses, fines, and other sources.
- Capital receipts, which do create liabilities or reduce assets. These include borrowings, which create liabilities, and the sale of shares in public enterprises, which reduces assets.
- Expenditure, which is divided into revenue expenditure on ongoing activities and capital expenditure on infrastructure and other long-term investments.
The budget aims to allocate resources, reduce inequalities, promote stability and
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3. “Fiscal Policy with reference to public income
and public expenditure is the strategy which
guarantees the economic stability and
development of country”
4. • Economic Stability
• Increased Savings
• Control Inflation
• Stabilized Price Level
• Desirable Level Of Consumption
• Distribution Of Wealth
5. • Reduction in Burden Of Foreign Debts
• Control on the Concentration of Wealth
• Trade and Industrial Development
• Financial Assistance to Lower Income Group
6. • REVENUE TOOLS
direct taxes
indirect taxes
• SPENDING TOOLS
Government expenditure:
current spending
capital spending
transfer payments
7. There are two types of fiscal policy
• Expansionary Fiscal Policy
• Contractionary Fiscal Policy
8. Government purchases Government Taxes
The goal of expansionary fiscal policy is to:
• Close a recessionary gap
• Stimulate the economy
• Decrease the unemployment rate
9.
10. Government Purchases Government Taxes
The goal of contractionary fiscal policy is to:
• Close an inflationary gap
• Restrain the economy
• Decrease the inflation rate
11.
12. Direct Taxes:
• Direct taxation is defined as the tax which is directly levied
on the citizens of a country
• All individuals and business concerns have to pay direct
taxes to the government on a regular basis
• During the fiscal year 2011-2012, the Federal Bureau of
Revenue (FBR) expects to collect Rs 738.8 billion in direct
taxes
• The direct taxes in Pakistan Include income tax, wealth tax,
property tax.
13. Indirect Taxes
• An indirect tax is a tax collected by an intermediary (such
as a retail store) from the person who bears the ultimate
economic burden of the tax (such as the customer)
• During the fiscal year 2011-2012, the Federal Bureau of
Revenue (FBR) expects to collect Rs 1,144 billion in
indirect taxes
• In Pakistan, indirect taxes include sales tax, value added
tax, GST and excise and custom duty
14. • The FBR has provisionally collected taxes worth
Rs.1940 billion during last financial year 2012-
2013, which may go to Rs. 1950 billion when
figures get finalize”, said Ansar Javed (retired
chairman of FBR)
http://www.nation.com.pk
15.
16. Outline
• Budget
• Components
• Types of Budget
• Government Budget
• Budget 2013-2014
• Revenue and Expenditure 2013-2014
January 15 |Dacb| Rahma haseeb| 16
17. BUDGET
“Budget is the annual statement of the
expenditures and revenues of the federal
government with the laws and regulations that
approve and support those expenditures and
taxes”
Major objectives include:
• Finance activities of government
• Encourage economic growth and stability
January 15 |Dacb| Rahma haseeb| 17
18. Components of Budget
• Revenue Budget
• Capital Budget
Revenue Budget:
It consists of revenue receipts of
government and its expenditures
Revenue receipts include tax and non tax
revenue
Revenue expenditure includes payment
for day to day running of government and
services it offers to citizens.
January 15 |Dacb| Rahma haseeb| 18
19. Capital budget:
The capital budget is different from the revenue
budget as its components are of a long-term
nature
It includes capital receipts and payments
Capital receipts are government loans raised
from the public, government borrowings from
the Reserve Bank and treasury bills, loans
received from foreign bodies and governments
Capital expenditures are Capital payments are
capital expenditures on acquisition of assets like
land, buildings, machinery, and equipment
January 15 |Dacb| Rahma haseeb| 19
21. GOVERNMENT BUDGET:
Includes revenue and expenditures for capital
and revenue budget.
Revenue budget
The Receipts for this budget includes:
a)Tax Revenue
1.Tax on Income, profit and wealth
• Levied on income, profit and property of
people
• Have different rates for different income
groups and property owners
January 15 |Dacb| Rahma haseeb| 21
22. 2. Taxes on Goods and Services
Excise Duty
• Levied on production of selected industries
• Industries which have enjoyed tariff
preferences and have stability in market are
subjected to excise duty
• Also levied on services provided by hotels,
restaurants and advertisements.
Sales Tax
• Levied on sale price of goods and services
• Rate varies with the nature of commodity
• Luxury goods have high sales tax then
necessities.
January 15 |Dacb| Rahma haseeb| 22
23. Sub charge
• Difference between maximum sale price and
production cost or import price of petroleum, natural
gas etc. is realized by government and the surplus is
the source of revenue.
3. Custom Duty:
• Source of indirect tax
• Tax on import and export of commodities is custom
duty
• Rates vary with nature of commodity and
government policy
• Luxury items have high rate to discourage import.
January 15 |Dacb| Rahma haseeb| 23
24. b) Non – Tax Revenue
• Income from Property and enterprises
- Income from owned land, forests,
mines etc.
• Trading:
- Earned by Pakistan trading corporation
• Interest and dividend:
- Interest and dividends from investment
• Minor head:
- Receipts from civil administration
- Miscellaneous : passport fee, copy
right fee etc.
January 15 |Dacb| Rahma haseeb| 24
25. The expenditures for this budget includes:
1. Civil Administration
- Expenditure on civil departments of
federal government.
2. Defense
- Expenditure on maintenance and
operation of defense services
3. Law and Order
- Expenditure on operation of police
and courts for maintaining law and order
January 15 |Dacb| Rahma haseeb| 25
26. 4. Community Social And Economic Services
- Performed by government for welfare
of people such as construction of roads,
railways, education etc
5. Subsidies
- To increase production and keep prices
stable, government helps producers
financially through subsidies
6. Debt Servicing
- Includes payment of interest and
repayment of principal amount of debt
January 15 |Dacb| Rahma haseeb| 26
27. Capital Budget:
The Receipts for capital budget includes:
1.Surplus from Revenue Budget:
• Measured as: Government savings=
Government Revenues – Current
Expenditure
2.Domestic Borrowing:
• It includes Bank borrowing and non- bank
borrowing
3.External Borrowing:
• External borrowing can increase
investment and growth
• If amount is not used for productivity
purpose, it will not generate revenues.
January 15 |Dacb| Rahma haseeb| 27
28. The Expenditure for this budget
includes:
• Expenditures for agriculture
• Water and power
• Education
• Health
• Transport and communication
• Development of factories
January 15 |Dacb| Rahma haseeb| 28
30. BUDGET 2013-2014
The budget 2013-14 has the following salient features:
• The total outlay of budget 2013-14 is Rs 3,985
billion. This size is 24.4% higher than the size of budget
estimates 2012-13.
• The net revenue receipts for 2013-14 have been
estimated at Rs 1,918 billion indicating an increase of
7.9% over the budget estimates of 2012-13.
• The net capital receipts for 2013-14 have been
estimated at Rs 493 billion against the budget estimates
of Rs 478 billion in 2012-13 i.e. an increase of 3.2%.
January 15 |Dacb| Rahma haseeb| 30
31. • The external receipts in 2013-14 are estimated at
Rs 576 billion. This shows an increase of 50.1% over
the budget estimates for 2012-13.
• The current expenditure is Rs 3,196 billion and
development expenditure is Rs 789 billion. Current
expenditure has been estimated to be higher than the
revised estimates for 2012-13 by around 9.9%, while
development expenditure by 37.7% in 2012-13 over
the revised estimates of 2012-13.
• The size of Public Sector Development Program
(PSDP) for 2013-14 is Rs 1,155 billion. Out of this, Rs
615 billion has been allocated to provinces. Rs 115
billion to New Development Initiatives and Rs 10
billion to Earthquake Reconstruction and
Rehabilitation Authority (ERRA).
January 15 |Dacb| Rahma haseeb| 31
32. • Standard rate of sales tax increased from
16% to 17%.
• Hybrid cars appear to be fortunate to have
been granted reduction in taxes. Curiously, the
relief is envisaged for cars over 1800cc!!
• FED at 40 paisa per kg on imported seeds and
at Rs 1 per kg on locally produced oil imposed.
January 15 |Dacb| Rahma haseeb| 32
39. KEY TARGETS
• Fiscal deficit to be reduced to 6.3
percent by 2013-14 compared to 8.8
percent in the outgoing year.
• Rs. 2.6 trillion to be collected as taxes.
• Inflation to be contained in single digit.
• Tax on the GDP ratio to be raised to
15%.
January 15 |Dacb| Rahma haseeb| 39
41. DEFINITION
The NFC Award or National Finance
Commission Award, is the distribution
of financial resources among the
provinces of Pakistan by the federal
government on annual basis.
42. FEATURES
The main charter of NFC is to recommend on the
following:
• The distribution of specified taxes, duties between
federation and provinces.
• The disbursement of grants to provincial
governments.
• The borrowing powers exercised by federal and
provincial governments.
• Any other financial matter referred to commission.
43. WORKING
• Certain types of taxes collected in each province are
pooled and then redistributed according to the NFC
formula.
• Taxes included in the pool are
– income taxes
– general sales tax
– wealth taxes
– capital gains taxes
– custom duties
44. BACKGROUND
• 1971 incident: separation of East Pakistan
from West Pakistan
• Major issue arose about the “Distribution
of Resources” among the provinces.
45. PROVINCIAL SHARE IN 1970 AWARD
Punjab Sindh Khyber-
Pakhtunkhwa
Balochistan
56.50% 23.50% 15.50% 4.50%
46. FINANCIAL ARRANGEMENTS IN 1973
CONSTITUTION
It was made obligatory for the
government to compose NFC at an
interval extending not more than 5
years resource distribution among the
federation and their respective units.
47. • In this award fewer taxes were included in the
divisible pool which consisted of income tax, sales tax
and export duty while the criterion used for resource
redistribution was recommended to be population.
THE FIRST NFC AWARD 1974
Punjab Sindh Khyber-
Pakhtunkhwa
Balochistan
60.25% 22.50% 13.39% 3.86%
48. THE 2ND NFC AWARD 1979
Punjab Sindh Khyber-
Pakhtunkhwa
Balochistan
57.97% 23.34% 13.39% 5.30%
49. THE 3RD NFC AWARD 1985
The third NFC award 1985 as of its
previous 1979 award failed to produce
any fruits. The resource distribution
from divisible pools remains same as of
1974 up to 1990.
50. THE 4TH NFC AWARD 1990
• After almost 16 years of break in declaring a
consensus NFC award, the 1990 NFC award came
up with some positive recommendations in April
1991 under the democratic government of Prime
Minister Nawaz Sharif.
• The most significant development under this
award was the expansion of the divisible pool.
Still population remained the sole element for
revenue sharing criteria in the NFC award.
51. • The sharing of the divisible pool between
federal and provincial governments continued
to remain at 20:80 percent, respectively.
Punjab Sindh Khyber-
Pakhtunkhw
a
Balochistan
57.88% 23.28% 13.54% 5.30%
52. THE 5TH NFC AWARD 1996
• The shares in 5th NFC awards remained
the same
Punjab Sindh Khyber-
Pakhtunkhwa
Balochista
n
57.88% 23.28% 13.54% 5.30%
53. THE 6TH NFC AWARD 2000
• Provinces were demanding for higher
share in the divisible pool (up to 50
percent) as well as the diversification
of the distribution criteria.
55. THE 7TH NFC AWARD 2010
• Provincial share of the divisible pool would increase
from the present 47.5% to 56% in the first year of
NFC (2010-2011) and 57.5% in the remaining years
of the award under the vertical distribution of
resources
• Share of Provinces was approximately Rs.39 billion
• The federal government has agreed to cut tax
collection charges from 5.0 per cent to 1.0 per cent
and this amount would also be added to the divisible
pool
56. MEASURES TO BE TAKEN
• (1) Backwardness and development gap
• (2) Inverse income distribution (rural urban income disparity)
• (3) Natural resource endowment
• (4) Revenue generation/revenue collection
• (5) Population density
• (6) Poverty
• (7) Area
• (8) Non-formula transfers
• (9) Environmental consideration