What Is Role Of Ministry Of Finance Finance Essay

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Answer: The Role of ministry of finance is to prepare the yearly government budget, in coordination with the other ministries and public enterprises. Thus the main motive is to collect money in form of tax from the people and then spend it again back on people. This is a kind of process where money is collected from rich and spent on the general public. While the tax money is collected in the government treasury they are mostly spent on public welfare projects, defense, paying income to the government officials. Thus the role of Ministry of Finance is to back the government and its local bodies with finance related requirements meant to fulfill the public services and welfare projects. Therefore the main purpose is to implement such policies and implement such regulations as to fulfill the monetary related requirements of the government. Not only that the Ministry also takes care of its International deals and debts which are made for the security and development of the country. How does the Ministry interact with other governmental entities? Answer : The ministry interacts with other government entities in written documents consisting of orders, request and appointments that are bound to be taken. An operation coordination unit is also kept in the Ministry so as to channelize the easy flow of information within the ministry to the concerned departments.There is a hierarchy like situation where in the concerned secretaries of the Ministry takes orders and respond from their respective departments. This hierarchy is classified as follows. Level I. Ministry of finance Level II. This level includes the Secretaries of different departments. These includes Public revenue, financial affairs, economic affairs, resource and info, Audit and follow up director, Legal affair s office, Quality management secretary, and Operations coordination unit Level III. The Secretaries have their respective departments consisting of corporate tax directorate, value added Tax directorate, budget directorate, treasury directorate, financial system directorate, project directorate etc. Which departments are dealing with government entities? There a number of departments that are dealing with the government entities. These include the followings departments. The Budget Directorate Economics study and research directorate Financial system development directorate The Project directorate Treasury directorate External Economic relations directorate Human and Financial resource directorate Privatization and Outsourcing directorate The role of each department dealing with government entity? Answer: The role of each department dealing with the government entity is a follows. The Budget Directorate who deals with the fixing budget amount that is required to be collected from the people in form of taxes to finance the government projects meant for public welfare and growth. Economics study and research director works evaluation of the economic conditions of the country in comparison with the other countries. This way this department suggests the government to take appropriate actions in certain fields in the form of investment to keep the pace of growth. Financial system development director helps in directing the methods of taxing and fixing the percentage of taxes that should be levied. The Project directorate is entitled with the job of fixing the amount required for financing a project.

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