commission on fiscal imbalance 合集

143 commission on fiscal imbalance concept of fiscal

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Unformatted text preview: State or Territory. — By 1 March of each subsequent year of the transition period, advice on the most recent estimates of the transitional assistance to be provided to each State and Territory in both the current financial year and the next financial year, and the installment amounts which the Commonwealth should provide to each State and Territory on the first Tuesday of the following April and July. — By 1 June of each year of the transition period, advice on the Guaranteed Minimum Amount for each State and Territory in the current financial year. Frequency and Amounts of Payments and Repayments 5) 6) 7) 8) In each year of the transitional period after 2000-01, the Commonwealth will provide an installment of the guarantee payment to a State or Territory on the first Tuesday (or the first business day thereafter) of January, April, July and October. The installment amounts will reflect the advice to be provided to the Ministerial Council by the Heads of Treasuries under paragraph C4. Adjustments to the total amount of additional assistance to a State or Territory in light of actual GST collections and the Treasurer’s determination of the Guaranteed Minimum Amount will be made in conjunction with the payments of GST revenue grants after 10 June in each year. A State or Territory will repay a loan which it receives from the Commonwealth in 2000-01 in quarterly installments in 2001-02. These installments will be paid to the Commonwealth on the same day on which a State or Territory receives an amount of GST revenue grants in the months of July, October, January and April. The methodology for calculating the amounts of particular components of the Guaranteed Minimum Amount for a State or Territory has been agreed by the Heads of Treasuries and is set out in the document titled Methodology for Estimation of Components of the Guaranteed Minimum Amount. 143 Commission on Fiscal Imbalance CONCEPT OF FISCAL DECENTRALISATION AND WORLDWIDE OVERVIEW By Robert D. Ebel and Serdar Yilmaz 1. INTRODUCTION In the last two decades there has been a worldwide interest in decentralization of government in all parts of the world. The pursuit of decentralization is widespread, as both developed and developing countries attempt to challenge central governments' monopoly of decision-making power. In the western world, decentralization is an effective tool for reorganization of the government in order to provide public services cost effectively in the "post-welfare state" era (Bennett, 1990; Wildasin, 1997). Developing countries are turning to decentralization to escape from the traps of ineffective and inefficient governance, macroeconomic instability, and inadequate economic growth (Bird and Vaillancourt, 1999). Throughout post-communist Central and Eastern Europe, decentralization of the state is the direct result of the transition from sot system to market economy and democracy (Bird, Ebel, and Wallich, 1995). In Latin America, the origin of decentralization is the political pressure...
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This note was uploaded on 03/06/2013 for the course ECON 220 taught by Professor Paulo during the Spring '13 term at University of Liverpool.

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