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The discussion of fiscal imbalance and equalisation was of particular importance in the drafting of the new Iraqi constitution. It was a sticking point for the drafting process—with the oil rich regions seeking to minimise the reallocation of revenue while other regions sought to maximise equalisation payments.
The government budget balance, also referred to as the general government balance, [1] public budget balance, or public fiscal balance, is the difference between government revenues and spending. For a government that uses accrual accounting (rather than cash accounting ) the budget balance is calculated using only spending on current ...
While the concept of horizontal fiscal imbalance is relatively non controversial (as explained above), there is a lively debate around the concepts of vertical fiscal imbalance and vertical fiscal gap (see Boadway 2002 [3] Bird 2003 [4]).
The government fiscal balance is one of three major financial sectoral balances in the national economy, the others being the foreign financial sector and the private financial sector. The sum of the surpluses or deficits across these three sectors must be zero by definition. A surplus balance represents a net savings or net financial asset ...
Australia introduced a formal system of horizontal fiscal equalisation (HFE) in 1933 to compensate states/territories which have a lower capacity to raise revenue. The objective is full equalisation which means that, after HFE, each of the six states, the Australian Capital Territory and the Northern Territory would have the capacity to provide services and the associated infrastructure at the ...
Large swaths of the U.S. government could temporarily close at midnight on Friday if Congress does not approve a stopgap spending bill due to pressure from Donald Trump. The president-elect is ...
The U.S. government posted an $87 billion budget deficit in December, reduced partly by a shift of benefit payments into November but capping a record $711 billion deficit for the first three ...
The federal government uses a fiscal year from Oct. 1 to Sept. 30, so companies doing a lot of business with the government may adopt a similar fiscal calendar.