Question

Abstract of government budget

Answer 1

a government budget is an government annual financial statement presenting the governments proposed revenues and spending for a financial year that is often passed by legislature, approved by the chief executive or president and presented by the finance minister to the nation. The budget is also known as the annual financial statement of the country. This document estimates the anticipated the government revenues and government expenditure for the ensuing financial year. For example,only certain types of revenue may be imposed and collected. Property tax are the basis for state revenues, and income tax and corporate tax are the basis for national revenues.