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Estimates Of Lost Government Revenue
{{otheruses, Estimate (other) In the Westminster system of government, the ''Estimates'' are an outline of government spending for the following fiscal year presented by the cabinet to parliament. The Estimates are drawn up by bureaucrats in the finance ministry in collaboration with cabinet ministers. They consist of detailed reports on how each department or ministry will spend its money. The estimates are normally introduced in the responsible chamber (the lower house in bicameral parliaments) just prior to the main Budget Day, which gives them time to be analyzed by House committees. Unlike the budget, the estimates contain no references to fiscal policy, long-term goals, or funding. After each section is reviewed by the relevant committee the entire Estimates are voted on as one bill. Defeat on the vote is treated as loss of supply Loss of supply occurs where a government in a parliamentary democracy using the Westminster System or a system derived from it i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Spending
Government spending or expenditure includes all government consumption, investment, and transfer payments. In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure. Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment (government Gross fixed capital formation, gross capital formation). These two types of government spending, on final consumption and on gross capital formation, together constitute one of the major components of gross domestic product. Government spending can be financed by government borrowing, taxes, custom duties, the sale or lease of natural resources, and various fees like national park entry fees or licensing fees. When Governments choose to borrow money, they have to gov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Year
A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally not the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees, are also levied on a fiscal year basis, but others are charged on an anniversary basis. Some companies, such as Cisco Systems, end their fiscal year on the same day of the week each year: the day ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cabinet (government)
A cabinet is a body of high-ranking state officials, typically consisting of the executive branch's top leaders. Members of a cabinet are usually called cabinet ministers or secretaries. The function of a cabinet varies: in some countries, it is a collegiate decision-making body with collective responsibility, while in others it may function either as a purely advisory body or an assisting institution to a decision-making head of state or head of government. Cabinets are typically the body responsible for the day-to-day management of the government and response to sudden events, whereas the legislative and judicial branches work in a measured pace, in sessions according to lengthy procedures. In some countries, particularly those that use a parliamentary system (e.g., the UK), the Cabinet collectively decides the government's direction, especially in regard to legislation passed by the parliament. In countries with a presidential system, such as the United States, the Ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament
In modern politics, and history, a parliament is a legislative body of government. Generally, a modern parliament has three functions: Representation (politics), representing the Election#Suffrage, electorate, making laws, and overseeing the government via hearings and inquiries. The term is similar to the idea of a senate, synod or congress and is commonly used in countries that are current or former monarchies. Some contexts restrict the use of the word ''parliament'' to parliamentary systems, although it is also used to describe the legislature in some presidential systems (e.g., the Parliament of Ghana), even where it is not in the Legal name, official name. Historically, parliaments included various kinds of deliberative, consultative, and judicial assemblies, an example being the French medieval and early modern parlements. Etymology The English term is derived from Anglo-Norman language, Anglo-Norman and dates to the 14th century, coming from the 11th century Old ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance Ministry
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom, "Chancellor of the Exchequer". The duties of a finance minister differ between countries. Typically, they encompass one or more of government finance, fiscal policy, and financial regulation, but there are significant differences between countries: * in some countries the finance minister might also have oversight of monetary policy (while in other countries that is the responsibility of an independent central bank); * in some countries the finance minister might be assisted by one or more other ministers (some supported b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Responsible Government
Responsible government is a conception of a system of government that embodies the principle of parliamentary accountability, the foundation of the Westminster system of parliamentary democracy. Governments (the equivalent of the executive branch) in Westminster democracies are responsible to parliament rather than to the monarch, or, in a colonial context, to the imperial government, and in a republican context, to the president, either in full or in part. If the parliament is bicameral, then the government is responsible first to the parliament's lower house, which is more representative than the upper house, as it usually has more members and they are always directly elected. Responsible government of parliamentary accountability manifests itself in several ways. Ministers account to Parliament for their decisions and for the performance of their departments. This requirement to make announcements and to answer questions in Parliament means that ministers must have the priv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lower House
A lower house is one of two Debate chamber, chambers of a Bicameralism, bicameral legislature, the other chamber being the upper house. Despite its official position "below" the upper house, in many legislatures worldwide, the lower house has come to wield more power or otherwise exert significant political influence. The lower house, typically, is the larger of the two chambers, meaning its members are more numerous. Common attributes In comparison with the upper house, lower houses frequently display certain characteristics (though they vary per jurisdiction). ;Powers: * In a parliamentary system, the lower house: **In the modern era, has much more power, usually based on restrictions against the upper house. **Is able to override the upper house in some ways. **Can vote a motion of no confidence against the government, as well as vote for or against any proposed candidate for head of government at the beginning of the parliamentary term. **Exceptions are Australia, where ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bicameral
Bicameralism is a type of legislature, one divided into two separate assemblies, chambers, or houses, known as a bicameral legislature. Bicameralism is distinguished from unicameralism, in which all members deliberate and vote as a single group. , about 40% of world's national legislatures are bicameral, and about 60% are unicameral. Often, the members of the two chambers are elected or selected by different methods, which vary from jurisdiction to jurisdiction. This can often lead to the two chambers having very different compositions of members. Enactment of primary legislation often requires a concurrent majority—the approval of a majority of members in each of the chambers of the legislature. When this is the case, the legislature may be called an example of perfect bicameralism. However, in many parliamentary and semi-presidential systems, the house to which the executive is responsible (e.g. House of Commons of UK and National Assembly of France) can overrule the o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Budget Day
Budget Day is the day that a government presents its budget to a legislature for approval, in a ceremonial fashion. It only exists in some countries of the world. India The Union Budget of India, referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the very first day of February by the Finance Minister of India in Parliament. The budget, which is presented by means of the Finance Bill and the Appropriation bill has to be passed by the House before it can come into effect on 1 April, the start of India's financial year. Pre-liberalisation The first Union budget of independent India was presented by R. K. Shanmukham Chetty on 26 November 1947. The Union budgets for the fiscal years 1959–61 to 1963–64, inclusive of the interim budget for 1962–63, were presented by Morarji Desai. On 29 February in 1964 and 1968, he became the only finance minister to present the Union ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Policy
In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation (which is considered "healthy" at the level in the range 2%–3%) and to increase employment. Additionally, it is designed to try to k ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Funding
A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a means by which organizational policies are enforced, as well as a mechanism for determining policy. In many countries, the government has a kind of constitution, a statement of its governing principles and philosophy. While all types of organizations have governance, the term ''government'' is often used more specifically to refer to the approximately 200 independent national governments and subsidiary organizations. The major types of political systems in the modern era are democracies, monarchies, and authoritarian and totalitarian regimes. Historically prevalent forms of government include monarchy, aristocracy, timocracy, oligarchy, democracy, theocracy, and tyranny. These forms are not always mutually exclusive, and mixed govern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
