Public finance is an economic activity in which financial resources are used to meet public policy objectives. To maximise its citizens' social, political, and economic welfare, the government raises revenue and spends it on public goods and services. Apart from ensuring price stability, public finance plays a critical role in supporting economic growth in emerging countries. PEM (Public Expenditure Management) is a procedure that helps governments to be fiscally responsible (spend only what they can afford), spend wisely, and maximise limited public resources. Parliament's function in public finance is that of a watchdog. Parliament passes legislation that gives ministers the authority to carry out their policies. To provide transparent financial management and standard financial reporting, design and prescribe an effective financial management system for national and county governments. Kenya's tax system is complex, encompassing income taxes, value-added taxes, and customs and excise duties. These are governed by separate laws that regulate the charging, assessment, and collection of the applicable taxes.
Author(s) Details
John O. Messo Raude
Managing Partner, Messo and Associates, Certified Public Accountant, Kenya.
View Book:- https://stm.bookpi.org/PFTKTTSC/article/view/6431
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