Principles of public finance

The following principles shall guide all aspects of public finance in the Republic—

(a)there shall be openness and accountability, including public participation in financial matters;

(b)the public finance system shall promote an equitable society, and in particular—

(i)the burden of taxation shall be shared fairly;

(ii)revenue raised nationally shall be shared equitably among national and county governments; and

(iii)expenditure shall promote the equitable development of the country, including by making special provision for marginalised groups and areas;

(c)the burdens and benefits of the use of resources and public borrowing shall be shared equitably between present and future generations;

(d)public money shall be used in a prudent and responsible way; and

(e)financial management shall be responsible, and fiscal reporting shall be clear.