the national budget Flashcards
what is a another term for a fiscal policy
the national budget
what is the national budget
a written estimate of the anticipated revenue and expenditure for the next financial year.
how does the government plan their expenditure
they identify certain priorities that should receive attention to ensure that factors limiting sustainable growth and development.
how many ministerial portfolios are there
35
what is the MTEF
a detailed framework where the government at all levels plans the income and expenditure over the medium term
how can the priorities of the MTEF be described as
National Development Plan and Strategic Framework.
what is direct tax
tax that is paid by the person on whom the tax is levied
tax that cannot be shifted to someone else.
what are the types of indirect tax do we get
- VAT
- fuel levy
- excise duties
- custom duties
what are the types of direct tax are there
- PAYE
- company tax
define indirect tax
tax that is levied on a specific transaction.
what is the percentage for the price of fuel
58%
what are zero rated items
items that the government currently doesn’t charge tax on but may at some stage start charge VAT as these items are basic human needs.
what is percentage for VAT
15%
what are vat-exempted items
services and items that the government has declared that people will never pay VAT.
what does are 3 examples of the government’s expenditures
1) debt
2) health
3) protection
