Section 12
of Public Finance and Fiscal Responsibility Act 2023
Section 12
The Minister shall formulate medium term revenue strategy and conduct a review of the revenue policy including but not limited to legislative framework and incentives structure in optimising revenue sources.
(2)
The Minister shall, in respect of every financial year, prepare annual revenue estimates based on the changes in the revenue policy and legislation consistent with underlying assumptions of economic indicators and other related factors.
(3)
The Minister shall make an assessment of the potential loss or gain of revenues and shall specify measures that can minimise such revenue losses.
(4)
The Minister shall ensure revenue management and administration is in accordance with the objectives under subsection 10(2) and policy under section 11 relating to revenue.