Theory question 105
Public Sector AccountingGive a brief description of five of the responsibilities of the following institutions: (a) The Board of Inland Revenue (b) The Board of Custom and Excise (c) The Accountant – General.
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(a) Board of Inland Revenue (any five): administers and directs internal revenue (income tax) collection; assesses individuals, partnerships, trustees, companies and communities for tax; collects personal income tax, PAYE, capital gains tax and similar taxes; keeps tax assessment uniform; issues tax clearance and advises government on tax policy; prosecutes tax offenders
(b) Board of Customs and Excise (any five): collects import and export duties at ports and borders; collects excise duty on goods made and sold within the country; carries out government policy on imports and exports (prohibited goods, tariffs); prevents smuggling and prosecutes smugglers; seizes and disposes of contraband and uncleared goods; seals factories that fail to pay excise duty
(c) Accountant-General (any five): chief accounting officer of the government; keeps the government's main accounts and the Consolidated Revenue Fund; makes accounting rules and regulations (financial instructions) for ministries; supervises the accounts of all ministries and departments; prepares the annual financial statements for audit; controls payments, government funds and accounting staff; manages government bank accounts and investments
Give five clear points for each of the three bodies: fifteen points in all.