On the other hand, indirect taxes are taxes which are levied as extra to the cost of an item, e.g. foreign reserves, and reduced revenues due to plummeting oil prices. When it first appeared in the mid-1970s, Islamic finance was generally dismissed as an inconsequential epiphenomenon of the oil boom. Capital revenue (Receipts): refers to those monies that accrue to the government once in a while e.g.... ...TABLE OF CONTENTS There are a number of problems which the Minister of Finance encounters in the process of budget formulation and implementation. a. Public relations goes a long way in maintaining the brand image of an organization in the eyes of its audience, stake holders, investors and all others who are associated with it. Conclusion In private finance, the individual or household can postpone or avoid certain expenses if they are unnecessary or avoidable. The concept of accountability in the public sector stems from the use of delegated authorities where the supervisor holds the subordinate accountable, and this evolves into a principle of ‘democratic chain of delegation’ where citizens hold executives accountable (Strom, 2000). Under Public Expenditure, we study the various principles, effects and problems of expenditure made by the public authorities. its control tools is public finance . Public Finance – Period: April 2000 – March 2002 487 CHAPTER 13 PUBLIC FINANCE 1. LOCAL GOVERNMENT FINANCE AND THE 1.0 BEING A PAPER PRESENTED AT: And Islamic banks avoided investing and partnering with institutions belonging to non-halal sectors. PREFACE THIS Introduction to Public Finance is intended to be an elementary text-book. Public finance is relatively more elastic than private finance because an individual cannot make sudden and huge changes in his income, but the same is possible in case of public finance. Accordingly, the budget formulation process has four major dimensions namely CHALLENGES OF GLOBAL ECONOMIC CRISIS Depending on the level of government and the specific nation, these can range from water and sewage service in a city to a national health plan. The United Nations defines the goals of financial inclusion as follows: . public finance implies that the provision of public finances to governance operations, plans and projects is central in ensuring that the government’s main goal of delivering services is achieved. Because of this, Islamic banks are criticised for being conservative and for upholding the Shariah law. Financial management is managing the finances through scientific decision­-making. It also deals with the methods of repayment and management of public debt. This is the main objective of the core processes of budget preparation. Similarly, the expenditure side is broken into recurrent expenditure and capital expenditure. In the words of Adam Smith: "The investment into the nature and principles of state expenditure and state revenue is called public finance". 29 of 1999). TOMORI M. ADIJOLOLA Fine and penalties 7. The literature in Islamic public finance is rich both in terms of coverage as well as scope of analytical content. i. recurrent revenue: this refers to those monies that accrue to the government from time to time e.g fees, fines, rent, interest, taxes, sales/export proceeds etc. 17/36. THE EQUIMARGINAL PRINCIPLE Public Finance utilizes the Principle of Euqimarginal utility, which states that a reasonable consumer will always try to maximize their benefit or satisfaction by buying or using a combination of two or more goods which give them the maximum marginal utility per dollar for each good, until the resource, money or budget is used up. Under Public Expenditure, we study the various principles, effects and problems of expenditure made by the public authorities. 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