PRINCIPLES of public finance

PRINCIPLES OF PUBLIC FINANCE

The following principles shall guide all aspects of public finance in the Republic—
1.There shall be openness and accountability, including public participation in financial
matters;

2. The public finance system shall promote an equitable society, and in particular—
i.
the burden of taxation shall be shared fairly;
ii.
revenue raised nationally shall be shared equitably among national and county
governments; and
iii.
expenditure shall promote the equitable development of the country, including by making
special provision for marginalised groups

3.
The burdens and benefits of the use of resources and public borrowing shall be shared
equitably between present and future generations;
4.
public money shall be used in a prudent and responsible way; and
5.
financial management shall be responsible, and fiscal reporting shall be clear
Equitable sharing of national revenue

Revenue raised nationally shall be shared equitably among the national and county governments.

County governments may be given aditional allocations from the national government’s share of the revenue, either conditionally or unconditionally.