Question Tag: Fiscal Policy

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AT – Nov 2024 – L3 – Q4b – Crowding Out Effect in Fiscal Policy

Explain the concept of ‘Crowding Out’ in fiscal policy, using relevant examples.

Expansionary Fiscal Policy has been criticised on the grounds that it can lead to ‘Crowding Out’.

Required:

Explain with appropriate examples what is meant by ‘Crowding Out’ as used under Fiscal Policy.

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AT – Nov 2024 – L3 – Q3c – Automatic Stabilizers vs Discretionary Fiscal Policies

Explain the difference between automatic stabilizers and discretionary fiscal policies with examples.

Some commentators in Ghana have argued that economic policymakers should allow automatic stabilizers to shape and direct the destiny of the economy rather than discretionary fiscal policies since the latter has failed woefully.

Required:
Distinguish between automatic stabilizers and discretionary fiscal policies as economic tools. Illustrate with examples.

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AT – Nov 2024 – L3 – Q1b – Challenges in Tax Reforms in Ghana

Analyze two key challenges in tax reforms in Ghana.

Countries, including Ghana, have embarked on various tax reforms geared towards improving tax revenue to help provide infrastructure and guarantee sustainable growth. Tax administration in Ghana has therefore seen a number of reforms over the years, including restoring the tax base, improving tax administration, and the integration of the Revenue Agencies into an Authority to act as a one-stop shop as per the Ghana Revenue Authority Act, 2009 (Act 791).

Required:
In reference to the statement above, analyze TWO challenges (key issues) on tax reforms in Ghana.

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PT – Nov 2024 – L2 – Q1a – Monetary vs Fiscal Policy and Tools

Comparison of monetary and fiscal policy and identification of key monetary policy tools used in Ghana.

a) Monetary policy and fiscal policy are two different tools that have an impact on the economic activity of a country. Policy adjustments and institutional safeguards are needed to ensure that the two policies remain firmly within the region of stability.

Required:

i) Distinguish between Monetary Policy and Fiscal Policy.

ii) State FOUR monetary policy tools used in Ghana.

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ICMA – Nov 2024 – L1 – Q5b – Budgeting Models and Systems

Explain the benefits of GIFMIS to the government of Ghana.

Efforts to improve Public Financial Management (PFM) Systems in Ghana led to the Ghana Integrated Financial Management Information System (GIFMIS), which is an adaptation of the Integrated Financial Management Information System (IFMIS). The rationale of GIFMIS is to establish an integrated ICT-based PFM system in Ghana at national, regional, and district levels.

Required:

State FOUR benefits of GIFMIS to the government of Ghana.

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PSAF – May 2021 – L2 – Q4a – The Budgeting Process in the Public Sector

Explanation of MTEF, Budget Call Circular, and their main differences for public sector budgeting.

As the Accountant in charge of the expenditure division, you are to assist the Director of Finance in the ministry to set up a budget committee. You have also been asked to review the recently issued 2020 Budget Call Circular.

Required:

Explain briefly the following:

  1. Medium Term Expenditure Framework (MTEF) including FOUR of its objectives (6 Marks)
  2. Budget Call Circular (2 Marks)
  3. The main difference between MTEF and Budget Call Circular (2 Marks)

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PSAF – May 2017 – L2 – SC – Q7 – Government Expenditure

Identify and explain factors contributing to the rapid growth in Nigeria's government spending.

A number of factors have been identified as inevitably leading to rapid growth in government spending in many countries over time.

Required:

Identify and explain FIVE of these factors as they apply to Nigeria.

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PSAF – May 2017 – L2 – SC – Q5 – Fiscal Policy and Public Finance

Define external debt and discuss causes and adverse consequences of Nigeria's rising debt levels.

The accumulation of external debt is a common phenomenon in developing countries at the stage of development where external resources are needed to bridge budgetary gap.

Required:

a. Explain what is meant by External Debt. (3 Marks)

b. Discuss the causes and likely adverse consequences of the rising level of Nigeria’s total external debt stock. (12 Marks)

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PSAF – May 2022 – L2 – SA – Q3 – Government Revenue

Identify the powers and functions of state boards of internal revenue and other agencies in revenue generation.

Revenue generation is an important role carried out by some agencies of government with a view to meeting the expenditure of government, required for taking care of the welfare of the citizens. Revenue Mobilisation, Allocation and Fiscal Commission Act 1989 specifically mentioned some powers and functions of the Commission.

Required:
a. Identify FOUR powers and responsibilities of State Board of Internal Revenue Service in Nigeria. (4 Marks)
b. Explain FOUR specific functions of the Department of Petroleum Resources (DPR). (4 Marks)
c. Highlight SIX powers entrusted to the Revenue Mobilisation, Allocation and Fiscal Commission. (6 Marks)
d. Explain THREE sources of revenue payable to the federation account in Nigeria. (6 Marks)

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PSAF – Nov 2016 – L2 – Q7b – Fiscal Policy and Public Finance

Identifies and explains three key criteria used to assess income distribution within a society.

Discuss THREE specific criteria for income distribution.

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PT – May 2021 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Explain five goals of public expenditures.

Public expenditure can be in the form of public works and transfer payments. Public works are expenditure on durable goods, primarily fixed structures produced by the government. They include expenditure on public works such as roads, schools, hospitals, and irrigation. Transfer payments include interest on public debt, government wages and salaries, pension, insurance, and social security benefits.

Required:
Explain FIVE (5) goals of public expenditures.

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PT – Aug 2022 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

State five conditions that justify deficit financing by the government.

Deficit financing is the budgetary situation where government expenditure is higher than government revenue. It is a practice adopted for financing the excess expenditure with external funding. Most governments both in the developed and developing world are having deficit budgets, and these deficits are often financed through borrowing.

Required:
State FIVE (5) conditions that would make it necessary for a government to support its budget through deficit financing. (5 marks)

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PT – Dec 2023 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Explanation of five economic roles that taxation plays in a country's development.

Taxation is a mechanism through which the government seeks to realize some of its economic objectives. It is one of the oldest means by which the government expenditure is funded. Taxation plays a central and significant role in developing countries over the world.

Required:
Explain FIVE (5) economic roles of taxation. (5 marks)

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PT – Dec 2023 – L2 – Q1a – Overview of the Ghanaian Tax System and Fiscal Policy

Explanation of the differences between deepening and widening the tax system in Ghana and how the Ghana Revenue Authority can implement both.

In order to generate more revenue for national development in Ghana, tax experts often suggest the need to “deepen as well as widen” the tax system of Ghana.

Required:
Explain the difference between “Deepening the Tax System” and “Widening the Tax System” and suggest how the Ghana Revenue Authority can deepen and widen the tax system of Ghana. (5 marks)

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PT – Nov 2021 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Explain the types of fiscal policies and their effects on economic fluctuations and government revenue.

Countries worldwide experience fluctuations in economic activity, which affects the consistency in government revenue generation. For example, when income levels are high, all other things being equal, tax revenue rises. Conversely, when income levels fall, tax revenue drops, requiring government policies to address the fluctuations. Governments, therefore, employ expansionary and contractionary fiscal policies to moderate the effects of such fluctuations.

Required:
Explain the following forms of fiscal policy:
i) Automatic Stabilisers
ii) Discretionary Fiscal Policy

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AT – Nov 2018 – L3 – Q1c – Tax administration in Ghana

Evaluating the roles of Ghana Revenue Authority in managing the Ghanaian economy.

Tax reforms have characterised global taxation. Countries have embarked on various reforms geared towards improving tax revenue to help provide the basis for infrastructural and guarantee sustainable development. Ghana has not been left out in these critical tax reforms.
Tax administration in Ghana therefore has seen a number of reforms since the 1960s, with the most recent being the integration of the Revenue Agencies into an Authority to act as a one-stop shop as per the Ghana Revenue Authority Act, 2009 (Act 791).
Required:
Evaluate FOUR (4) roles played by the Ghana Revenue Authority in the management of the Ghanaian economy. (6 marks)

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AT – Nov 2018 – L3 – Q1b – Tax administration in Ghana

Explaining the benefits of foreign debt over domestic debt for government financing.

The use of debt for a country’s financing has engaged the attention of economists and also the ordinary man in the interest regarding its impact on our economy. While some prefer domestic debt, others are making a case for foreign debts as part of government’s fiscal policy.
Required:
What are the benefits to a government for going in for a foreign debt as opposed to going in for domestic debt as a support to the revenue base from taxes? (6 marks)

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TF – May 2018 – L3 – Q1c – Tax planning

Explain automatic stabilizers and discretionary fiscal policies.

The decision to change the level, composition, or timing of government expenditure or to vary the burden, the structure, or frequency of tax payment is a fiscal policy. Fiscal policies could be automatic stabilizers or discretionary.

Required:
Explain automatic stabilizers and discretionary fiscal policies.
(5 marks)

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TF – May 2018 – L3 – Q1b – Tax planning

Explain five goals of government spending as a fiscal policy instrument.

One of the factors that helps determine the country’s economic direction is fiscal policy. Government uses fiscal policy to influence the economy by adjusting revenue and spending levels.

Required:
Identify and explain FIVE goals of government spending as a fiscal policy instrument.
(10 marks)

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AT – Nov 2017 – L3 – Q1b – Tax planning

Evaluating the use of taxation as a tool of fiscal policy.

Fiscal policy involves the use of government spending, taxation, and borrowing to influence both the pattern of economic activity and also the level and growth of aggregate demand, output, and employment.

Required:
Evaluate how taxation is used as a tool of fiscal policy. (6 marks)

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