MINISTRIES, DEPARTMENTS AND AGENCIES(RETENTION OF FUNDS) ACT, 2007 (ACT 735)

ACT 735 MINISTRIES, DEPARTMENTS AND AGENCIES(RETENTION OF FUNDS) ACT, 2007 AN ACT to authorise the generation and retention by Ministries, Departments and Agencies of a percentage of the moneys they realise in the course of the performance of their functions and to provide for related matters.

Legislation

Table of Content

1. Retention of percentage of collections.

2. Existing enactments amended.

3. Ministries, Departments and Agencies empowered to internally generate

and retain funds.

4. Accounts and audit.

5. Utilisation of internally generated funds.

6. Amendment of Schedules.

Schedules

First Schedule

Second Schedule

Third Schedule

1. Retention of percentage of collections.

2. Existing enactments amended.

3. Ministries, Departments and Agencies empowered to internally generate

and retain funds.

4. Accounts and audit.

5. Utilisation of internally generated funds.

6. Amendment of Schedules.

Schedules

First Schedule

Second Schedule

Third Schedule

Section 1

1. Retention of percentage of collections.

(1) The preparation and submission of estimates and the reporting and accounting for them are subject to the Financial Administration Act, 2003 (Act 654). (2) The retention of moneys is subject to the Financial Administration Act, 2003(Act 654). (3) Ministries, Departments and Agencies specified in the first column of the First Schedule shall retain out of the revenues and other moneys realised or received by them in the performance of their functions, the percentage specified in the second column of the First Schedule.

Section 2