Public Finance N5 – Final Exam Prep – Revision – 3 | Questions & Answers
QUESTION 1
| Why do local, provincial and central authorities take money from us? They tax our salaries and businesses, charge levies and duties such as stamp duty and transfer duty when we buy a property, et cetera. |
1.1 Name FIVE examples of taxation income for the national authorities.
1.2 Describe FIVE ways in which the ruling government can effectively use funds collected from taxpayers to provide in collective needs and to develop South Africa.
1.3 Describe FIVE democratic guidelines recommended for public financial management.
1.4 Name FIVE objectives governing authorities should consider to meet the needs of the communities.