Every year, at the end of February, the Minister of Finance presents the budget to parliament. In the budget he puts forward an estimate of how much money will be raised through taxes, customs duty and other sources and describes a plan for spending that money by allocating it to various government departments and projects. Any shortfall is made up by borrowing on the open market. The budget is probably one of the most important events of the year for the private investor. In it the Minister will indicate whether any taxes are to be increased or decreased.
Share this glossary term: