Beruflich Dokumente
Kultur Dokumente
Functions:
Anti-Money Laundering
Bilateral and Multilateral Financial Relations
Competition Policy Management
Custodian of National Government Assets and Property
Design and Prescription of National and County Government Financial
Management System and Standards
Development of Kenya as an International Finance Centre
Economic Policy Analysis and Management
Financial and Economic Affairs
Financial Institutions Oversight
Financial Sector Analysis and Management
Insurance Policy and Regulation
Management of Public Procurement and Disposal
National Employment Policy Management
National Pensions Policy Management
Preparation of National Budget and Management of Governments
Finances
Promotion of Economic and Financial Governance
Public Debt Management
Fees
Refers to the amounts received from the various direct services that
are offered by the public. The services are provided by the local
authority farms a good example being the parking fees charged daily
in the city centers. The government should however, avoid charging
high price sfor commodities to continue staying and offering better
services that can be affordable by many of its citizens.
Prices
The money collected by the central or local authority firms due to the
many number of commercial activities that take place in the country.
The above include railway fee and telephone services. The government
should also be elastic so as to collect money from people when
demand shows that need be for collecting money from it.
The event will take place hen the respective individuals continually fail
to cope up with the rules provided by the nation hence they go ahead
to pay up for their mistakes. Citizens will be expected to pay heavy
fines to the government when they continually break rules and affect
innocent parties by their unhealthy and inhuman behaviors making it
hard for them to cope up with progress.
State Property
To administer and to enforce written laws or specified provisions of written laws pertaining to
assessment, collection and accounting for all revenues in accordance with these laws.
Advise on matters pertaining to the administration or and the collection of revenue under written
laws.
Eliminate tax evasion by simplifying and streamlining procedures and improving tax payer service
and education thereby increasing the rate of compliance.
Promote professionalism and eradicate corruption amongst K.R.A. employee by paying adequate
salaries that enables the institution to attract and retain competent professionals of integrity and
sound ethical morals.
Restore Economic Independence and Sovereign pride of Kenya by eventually eliminating the
perennial budget deficits by creating organizational structures that maximize revenue collection.
Ensure protection of local Industries and facilitate economic growth through effective administration
of tax laws relating to trade.
Ensure effective allocation of scarce resources in the economy by effectively enforcing tax policies
thereby sending the desired incentives and shift signals throughout the country.
Facilitate distribution of income in socially acceptable ways by effectively enforcing tax laws
affecting income in various ways.
Facilitate economic stability and moderate cyclic fluctuations in the economy by providing effective
tax administration as an implementation instrument of the fiscal and stabilization policies.
Be a 'watchdog' for the Government agencies ( such as Ministries of Health, Finance, etc ) by
controlling exit and entry points to the country to ensure that prohibited and illegal goods do not
pass through Kenyan borders.
he Kenya revenue authority is responsible for all the operations that govern
the paying and collection of taxes in the country. It is good that the
government gets the right type of people to work in the organization so as to
get better ways of improving the tax system in the country. The following list
comprises some of the major duties of the KRA.
Collection of taxes
The body is responsible for tax collection through a variety of procedures.
The body has employed several people to cater for the process. Money is
collected in the various business institutions and continues to be important
for the government to achieve stable growth in its economic sector. Tax
collection is the greatest source of revenue for the country.
Training Officials
New officials in the organization are well trained by the body to have well
and various techniques on how they can operate and earn money for the
country. Well trained officials make it easy for the country to achieve stable
economic growth hence benefiting the tax system. Good experts are found
by getting the right type of training upon joining a particular firm.
Allocation of licenses
Businesses cannot operate without licenses and hence they need to get
reliable licenses from the body to be allowed to get and be allowed to
venture into business. It is important for one to have the document to be
allowed to carry out trade and earn money by have legal businesses.
Types of borrowing
1. External borrowing: Money borrowed by a country from foreign
(usually European, North American, or Japanese)
lenders. Interest on this debt must be paid in the currency in
which the loan was made. Thus the borrowing country may have
to export its goods to the lender's country to earn that currency.
The infamous 'debt crisis' occurs when some weak economy is
unable to do so, or can only do it at unacceptably high social and
environmental costs.
2. iNternal borrowing: Internal debt or domestic debt is the part of the total
government debt in a country that is owed to lenders within the
country. Internal debt's complement is external debt. Commercial banks, other
financial institutions
3. Grants: a sum of money given by an organization, especially a government, for
a particular purpose.
The Central Bank of Kenya is the banker to the government and is mandated
by law to maintain the Exchequer Account. The Exchequer Account is
where all government revenue is deposited before being spent. This account
is then used to fund government ministries recurrent and development
votes, and constitutional offices to the extent of voted amount by
parliament.
(b)
This service enables account holders to transfer funds from one account to
another account in the Central Bank systems without having to instruct the
bank to effect the transfer using the G-pay system. The inter-account
transfer of funds is real time and unlike the RTGS, the instruction is effected
immediately the customer sends the instruction to the bank.
(e)
Verify the existence of assets and recommend proper safeguards for their protection;
Assess compliance with policies and procedures and sound business practices;
Assess compliance with state and federal laws and contractual obligations.
Review operations/programs to ascertain whether results are consistent with established objectives
and whether the operations/programs are being carried out as planned;
Investigate reported occurrences of fraud, embezzlement, theft, waste, etc.
Internal auditors will examine issues related to company business practices and risks,
while external auditors examine the financial records and issue an opinion regarding
the financial statements of the company. Internal audits are conducted throughout the
year, while external auditors conduct a single annual audit.
Public Accounts Committee
The Public Accounts Committee is established pursuant to the provisions of S.O. No. 205. It consists of a chairperson
and not more than sixteen other Members.
The Public Accounts Committee is responsible for the examination of the accounts showing the appropriations of the
sum voted by the House to meet the public expenditure and of such other accounts laid before the House as the
Committee may think fit.
The Public Accounts Committee constituted immediately following the general election shall serve for a period of
three calendar years and that constituted thereafter shall serve for the remainder of the parliamentary term.
The Public Accounts Committee elects a chairperson and vice-chairperson from amongst its members.
Public Investments Committee
The Public Investments Committee is constituted pursuant to the provisions of S.O. No 206 and is responsible for the
examination of the working of the public investments.
It consists of a chairperson and not more than sixteen other Members.
The Public Investments Committee elects a chairperson and vice-chairperson from amongst its members.
The Public Investments Committee constituted immediately following the general elections shall serve for a period of
three calendar years and that constituted thereafter shall serve for the remainder of the parliamentary term.
The functions of the Committee shall be to
matters of major Government policy as distinct from business or commercial functions of the public
investments;
matters of day-to-day administration; and,
matters for the consideration of which machinery is established by any special statute under which a
particular public investment is established.
Budget and Appropriations Committee
The Budget and Appropriations Committee is established pursuant to the provisions of S.O. No. 207. It consists of a
chairperson, and not more than fifty other Members.
(3) The functions of the Committee shall be to-
investigate, inquire into and report on all matters related to coordination, control and monitoring of the of the
national budget,
discuss and review the estimates and make recommendations to the House;
examine the Budget Policy Statement presented to the House;
examine Bills related to the national budget, including Appropriations Bills; and
evaluate tax estimates, economic and budgetary policies and programmes with direct budget outlays.
The Budget Committee constituted by the House immediately following the general election shall serve for a period of
three calendar years and that constituted thereafter shall serve for the remainder of the parliamentary term.
Seventeen members of the Budget Committee shall constitute a quorum.
The Committee shall invite chairpersons of all Departmental Committees to make presentations during the
consideration of the budget.