Please enable JavaScript.
Coggle requires JavaScript to display documents.
PUBLIC FINANCE (TYPES OF TAX STRUCTURE (PROGRESSIVE TAX (Where the rate of…
PUBLIC FINANCE
TYPES OF TAX STRUCTURE
PROGRESSIVE TAX
Where the rate of tax increases as income increases
PROPORTIONAL TAX
The rate of tax remain constant as income changes
TAX RATE= (TOTAL TAX/ INCOME) X 100%
REGRESSIVE TAX
The rate of tax decreases as the income increases
CONCEPTS OF PUBLIC FINANCE
A branch of economics that studies the government activities and the alternative means of financing government expenditures
2 CONCEPTS OF PUBLIC FINANCE
GOVERNMENT REVENUE
GOVERNMENT EXPENDITURE
Operating expenditure
Development expenditure
MAJOR FUNCTIONS OF PUBLIC FINANCE
Distribution function
Stabilization function
Allocation function
CONVENTIONAL GOVERNMENT REVENUES
NON-TAX REVENUE
NON-REVENUE RECEIPTS
TAX REVENUE
INDIRECT TAX
DIRECT TAX
TYPES OF GOVERNMENT BUDGETS
BUDGET SURPLUS
Tax revenue exceeds government expenditure (G < T)
BALANCED BUDGET
Government expenditure is equal to tax revenue (G = T)
BUDGET DEFICIT
Government expenditure exceeds its tax revenue (G >T)
TYPES OF GOVERNMENT EXPENDITURES
OPERATING EXPENDITURE
PENSIONS AND GRATUITIES
GRANTS AND TRANSFER
DEBTS
ASSET ACQUISITIONS
SERVICE CHARGES
SUPPLIES AND SERVICES
EMOLUMENTS
DEVELOPMENT EXPENDITURE
SOCIAL SERVICES
DEFENSE AND SECURITY
ECONOMIC SERVICES
GENERAL AND ADMINISTRATION