constituteproject.org PDF generated: 26 Sep 2013, 21:48 CHAPTER 17 FINANCE PART 1 FINANCIAL MANAGEMENT 298 Principles of public financial management (1) The following principles must guide all aspects of public finance in Zimbabwe-(a) there must be transparency and accountability in financial matters; (b) the public finance system must be directed towards national development, and in particular-(i) the burden of taxation must be shared fairly; (ii) revenue raised nationally must be shared equitably between the central government and provincial and local tiers of government; and (iii) expenditure must be directed towards the development of Zimbabwe, and special provision must be made for marginalised groups and areas; (c) the burdens and benefits of the use of resources must be shared equitably between present and future generations; (d) public funds must be expended transparently, prudently, economically and effectively; (e) financial management must be responsible, and fiscal reporting must be clear; and (f) public borrowing and all transactions involving the national debt must be carried out transparently and in the best interests of Zimbabwe. (2) No taxes may be levied except under the specific authority of this Constitution or an Act of Parliament. 299 Parliamentary oversight of State revenues and expenditure (1) Parliament must monitor and oversee expenditure by the State and all Commissions and institutions and agencies of government at every level, including statutory bodies, governmentcontrolled entities, provincial and metropolitan councils and local authorities, in order to ensure that-(a) all revenue is accounted for; (b) all expenditure has been properly incurred; and (c) any limits and conditions on appropriations have been observed. (2) An Act of Parliament must provide mechanisms for Parliament to monitor and oversee expenditure referred to in subsection (1). Zimbabwe 2013 Page 127