Ministry of Finance (Bahamas)
The primary responsibility of the Ministry of Finance is the care and management of the Government's financial resources. This responsibility involves providing support and advice on the most appropriate fiscal, tax and economic policies with the aim of maximizing sustainable economic growth and development with full regard to equity and social policies. The development and management of the Government Budget is a major aspect of the Ministry's function.
The Budget Section
The Budget Section advises on and prepares the annual budget and deals with the parliamentary procedures arising from these matters i.e. Estimates, Appropriation Bills etc. The Section also advises on financing and borrowing issues. The Section monitors expenditure by all government agencies. (Ministries, Departments, etc.) Internal Audit
The Internal Audit Section reports to the Financial Secretary and management on the integrity of the government accounting system and discharges its responsibilities by conducting audits of the Treasury Department's Financial Accounting System and accounting procedures in various Ministries and Departments. The section liaises with the Department of the Auditor General in carrying out its functions in order to prevent duplicative audit assignments.
The Economics Section advises on economic policy issues and prepares briefs and periodic reports on such matters. The Section also assists on matters relating to trade and e-commerce. The Section liaises with International Organizations (IMF, IDB, OECD, CDB, World Bank, etc.) on local projects and policy development.
Revenue and Revenue Compliance Unit
The Revenue Section advises on revenue policies and administration and to this end, monitors and reviews the revenue system and procedures being used by those Government Agencies having responsibility for revenue collection to ensure compliance with established regulations and directives for efficient and effective revenue administration.
Information Technology Unit
The Information Technology Unit (ITU) is a function within Ministry of Finance, but has oversight for IT in the Government Ministries and Departments.
Human Resources Unit
The Human Resources Unit advises on Human Resource matters for the Ministry of Finance, which include Treasury Department, Customs Department, Department of Statistics, and Business Licence and Valuation Unit.See more