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Introduction The Ministry of Finance is the administrative apparatus in which all revenues of the state end up from which all expenses of the state are being met. There are two main bodies in the Sultanate to take care of the State's financial affairs, each of whom is specialized in a specified field yet in full coordination between both. The first body is Financial Affairs Council which draws up the financial policies of the state whereas the second body i.e. the Ministry of Finance proposes execution and monitoring of those policies. Functions of the Ministry of Finance: Royal Decree No.39/96 specified the functions of the Ministry of Finance as follows:- To propose the financial policies, plans and the necessary procedures for their implementation so as to raise same to the concerned Councils for approval. To implement the ratified financial policies and plans and to follow up each implementation. To examine and analyze the international and regional financial changes and the extent of their impact on the financial policies and plans. Ti examine and assess the financial performance of the activities of the economic sectors as will as the development and trends thereof in coordination with the relevant parties. To work towards advancing and developing the relations between the Sultanate and other countries in the financial fields. To identify fields of cooperation with the international and regional financial institution and establishments and to work towards advancing and developing such field in coordination with the concerned authorities. To hold negotiations in respect of the international agreements which fall within the specialization of the ministry and follow up implementation of the decisions of the joint committees which are formed as a result of such negotiations. To represent the Sultanate in the various financial conferences . To prepare the draft of the State's General Budget after being discussed with various government ministries and units. To take the necessary financial control measures on the collection of the State revenues and to follow up the receipt of the same by the Ministry. To conduct pre-audit before disbursement and take the necessary measures to rationalize public expenditure. To establish letters of Credit for the various government ministries and units and effect settlement of the related payment vouches according to the financial rules. To take necessary measures towards assessing and collecting each of the income tax on companies and income tax on the commercial and industrial establishments as well as other taxes. Also to grant exemption from taxation according to the applicable laws and systems. To take up loans for account of the State and to repay same in accordance with the established rules and procedures in that regards. To keep the State accounts, classify ad register the financial transactions according to the government accounting system and prepare the State Final Accounts. To monitor the funds owned by the State according to the established rules and to take the necessary upon discovery of any financial violation or to prevent the occurrence of such violation. To administer the funds which are exclusively owned by the State according to the established rules and to dispose of same according to the set rules and procedures. To give opinion on the draft royal decrees, laws and decisions relating to the financial and taxation policies and to even take up the procedures towards issuance of same. To carry out any other functions stipulated by law s and royal decrees. To arrange for qualifying and training the Oman nationals working in the Ministry. |