FederalRevenueBudgetProcess

FederalRevenueBudgetProcess - DRAFT FEDERAL REVENUE BUDGET...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
DRAFT FEDERAL REVENUE BUDGET PROCESS ©F.B. GORMAN, PhD, CA, TEP INTRODUCTION PART I — THE BUDGET 1. Budget Speech 2. Budget Documents 3. Budget Secrecy 4. Budget Day 5. Selling the Budget 6. The Need for Balanced Budget Legislation PART II – PRE-BUDGET CONSULTATIONS AND BRIEFS 1. Pre-Budget Consultations (a) Overview (b) Pre-1981 Consultations (c) 1981 Budget (d) Post-1981 Consultations (e) The Contemporary Consultation Process (f) Value of Consultations 2. Pre-Budget Briefs (a) Presentation of Pre-Budget Briefs (b) Are Pre-Budget Briefs Effective? 3. Prescriptive Advice for Successfully Influencing Policy Makers PART III — DECISIONS DURING THE BUDGET DELIBERATION PERIOD 1. Financial Issues (a) Determining the Fiscal Framework (b) Establishing the Budget Stance (c) Coming to Grips With the Debt/Deficit (d) Private Sector Economic Forecasts 2. Date and Timing of the Budget Speech 3. Taxation Issues 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
(a) Comprehensive Reform or Piecemeal Amendment? (b) What to Tax? Who to Tax? Which Rate(s) to Use? (c) Effective Date of Budget Changes (d) Transitional Problems (e) Number and Frequency of Tax Changes (f) Degree of Adherence to Normative Taxation Principles (g) International Implications and Comparisons – Tax Harmonization (h) Degree of Adherence to Generally Accepted Accounting and Commercial Business Principles (i) Short-Run Versus Long-Run Objectives (j) Regional Versus National Perspective PART IV — PARLIAMENTARY PROCESS 1. Notice of Ways and Means Motion 2. Draft Legislation 3. Passage Through House of Commons 4. House of Commons Standing Committee on Finance 5. Senate Approval 6. Royal Assent 2
Background image of page 2
INTRODUCTION The presentation of the federal budget is not only of critical importance to taxpayers and the tax community, it is the paramount political event of the Minister of Finance’s term in office . This note discusses the budget speech itself, outlines the contents of the speech, identifies the principal participants in the preparation of the speech, and discusses the role of interest groups and the decisions made by policy makers as the speech is prepared. The note concludes with a review of the legislative process related to tax measures. The federal revenue budgetary process encompasses the conception, formulation and subsequent enactment of tax law. Within the political process there are one or more governmental units charged with the formal preparation of new or amended laws. In Canada, the Department of Finance is the internal bureaucratic agency charged with the analysis of economic conditions and the initiation of changes to tax law. Finance is responsible for preparing the budget and drafting new or amending legislation . Tax policy decisions are made by Finance officials as the budget process evolves. The process culminates in the reading of the budget speech in the House of Commons by the Minister of Finance. The budget speech is "the primary occasion on which the government reports to Parliament on the state of the economy and its own
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/07/2012 for the course ACCT 4453 taught by Professor Gorman during the Spring '11 term at Dalhousie.

Page1 / 26

FederalRevenueBudgetProcess - DRAFT FEDERAL REVENUE BUDGET...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online