Inter.gov Fiscal Transfer Act. POINTS - Inter-Governmental Fiscal Arrangement Act(2017(2074 Objectives 1 2 3 4 5 6 7 Revenue Rights Revenue sharing

Inter.gov Fiscal Transfer Act. POINTS -...

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Inter-Governmental Fiscal Arrangement Act (2017 (2074) Objectives 1. Revenue Rights 2. Revenue sharing 3. Grants 4. Loans 5. Budget arrangement 6. Public Expenditure 7. Fiscal discipline a. Transfer of amount from capital heading to current is illegal. Commission National Natural Resource and Fiscal Commission Revenue Rights: Power to levy tax, non-tax and Royalties Schedule 1 Government Schedule 2 State Schedule-3 Local Levels Criteria of Non-tax 1. Cost of goods and services 2. Operation and Maintenance costs Single Tax Administration EX: State will collect motor vehicle tax on behalf of local levels EX: Locals level will collect building and land registration fee for state Sharing of VAT and Excise (%) Federal State Local VAT 70 15 15 Excise 70 15 15 Two types of Funds Consolidated Funds Divisible Funds Four types of grants for State and Local Levels
1. Fiscal Equalization Grant: on the basis of need for expenditures and revenue capacity. 2. Conditional Grant 3. Complementary Grant 4. Special Grant Criteria for complementary Grants 1. Feasibility Study 2. Project cost

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