Principles of public 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 (ili) 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.