Plain-language public finance
Glossary
The four revenue accounts and the four expenditure sectors the portal reports, in plain language.
Revenue accounts
Classified to the GFSM 2014 standard.
- Taxes on income and profits111
- Taxes on the income and profits of individuals and companies, and on capital gains.
- Taxes on goods and services114
- Sales and excise taxes, and taxes on the use of goods and on permission to carry out activities.
- Taxes on international trade115
- Customs and other import and export duties: the largest tax line.
- Other taxes116
- Stamp duties and other taxes not classified elsewhere, including taxes on property.
- Grants13
- Money received from foreign governments, international organizations, and other government units, which does not have to be repaid.
- Non-tax revenue14
- Revenue other than taxes and grants: fees for licences, permits, and government services such as harbour and overflight fees, rent and dividends, and fines and penalties.
Expenditure sectors
Classified to the COFOG standard.
- Administration affairs1
- Running the institutions of government: the presidency, parliament, the ministries that manage public finance and the civil service, and foreign affairs.
- Security and defense affairs2
- The armed forces, police, intelligence, and the justice and custodial services that keep the country safe.
- Economic affairs3
- Support for the economy: agriculture, livestock, fisheries, trade, energy, transport, and public works.
- Social affairs4
- Services for people: health, education, social protection, and humanitarian affairs.
The four budget stages
Every budget publication on this portal belongs to one of these stages in the budget cycle.
Draft Budget
Before the fiscal year, during legislative scrutiny
The government's proposed budget, submitted to Parliament. It supports public and legislative debate before the budget is enacted.
Approved Budget
At the start of the fiscal year
The budget legally authorised for the year — the Appropriation Act. It establishes spending authority and the official revenue forecast.
Supplementary Budget
During the fiscal year, as needed
A legally approved in-year adjustment to the Approved Budget. A fiscal year can have more than one, numbered in order.
Annual Accounts
After the fiscal year ends
The final record of revenue actually collected and expenditure actually incurred, supporting independent audit.