Finance is an important part of any organization, and the same goes for a country. The department that deals with the country's finances is responsible for fixing the tax rate and collecting taxes as well as finding offenders and punishing them. They also have to prepare the annual budget and decide the allocation of funds towards various sectors. Priority is generally given to basic sectors, such as health and education. In times of war, funds may be diverted towards defence and military activities.

Most countries strive to keep their balance of trade in the positive. They also aim to have high foreign exchange reserves. The decisions of the finance ministry determine the path of the nation's economy. Right decisions could see the economy growing at a good rate, whereas wrong decisions could see the economy being static, or even worse, growing negatively. A strong economy would mean strong bargaining power on the world stage. The job isn't exactly a bed of roses, especially in times of inflation. A stable government is necessary for the implementation of financial and economic reforms.

Progressive taxation has been adopted in many countries. The rate of taxation is also determined by the elasticity of the commodity. It would make more sense to raise taxes on an inelastic commodity rather than an elastic one.

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Government Finance Officers Association

Government Finance Officers Association aims at enhancing the professional management of governments by developing financial policies. GFOA promot ... ~  [ Read more ]