Public Finance and Taxation E-sample - PUBLIC FINANCE AND...

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Contact: 0707 737 890 Page 1 PUBLIC FINANCE AND TAXATION CPA Section 2 CCP Section 2 CIFA Section 2 CS Section 2 STUDY TEXT
Contact: 0707 737 890 Page 2 CONTENT 1. 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 2. 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 3. Establishment of public funds in the public sector - Provision of establishing public funds - Rationale of creation of public funds - The consolidated fund - The establishment and administration of contingency funds - The establishment and administration of equalization funds 4. Supply chain management in public entities - Definition and terminologies - General overview of Public Procurement and Disposal (PPD) Act - Procurement guidelines as envisaged by PPD Act - Committees responsible for procurement - Procurement process by National, County and other Public entities - Tendering process and selection of suppliers in public sector - Concept of E-procurement 5. 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, 2012
Contact: 0707 737 890 Page 3 6. 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.: General definition of budgets terms ,Budget surplus and deficits - Role of budget officers in budget preparation and execution - Responsibilities of the national and county treasury in relation to budget preparation - Budget process for both national, county and Public entities - Revenue Authority — History, structure and mandate 7. Taxation of income of persons Taxable and non taxable persons - Sources of taxable incomes - Employment income; Taxable and non taxable benefits Allowable and non allowable deductions Tax credits (Withholding tax, personal and insurance relief etc) Pension Income - Business income: Sole proprietorship Partnerships (excluding conversions) incorporated entities (excluding specialised institutions) Turnover tax -

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