INTRODUCTION

PRINT

on Finance

Home > INTRODUCTION > Activities & Powers > on Finance

Deliberation on Budget Bills

The government budget refers to the preliminary financial plan on the government's revenue and expenditures for each fiscal year. A budget bill is drawn up based on tax revenues, and its huge scope and various functions have significant implications on the nation's economy. The National Assembly's deliberations and decisions on the budget bill entail a process aimed to reflect public opinion and to improve the efficiency and quality of fiscal operations through effective oversight.

Budget bill deliberation process

Deliberation on the Settlement of Accounts

The settlement of accounts refers to the settlement of government revenues and expenditures for each fiscal year as indicated in numeric terms, through which the National Assembly decide who shall be held accountable for the implementation of the budget, while providing essential data for future fiscal plans and their implementation.

Procedure for deliberating the settlement of accounts

Deliberation on Funds

Funds shall be established in accordance with law, when the state needs to operate certain funds for a particular purpose, and shall be operated separately from the budget revenue and expenditure. The National Assembly shall have the right to examine bills on funds and the settlement of fund accounts thereof.

Procedure for deliberating funds

Legislative Power to Finance

Types and rates of taxes shall be determined by law as provided in the Constitution, as well as taxable items, tax bases, taxpayers and ceilings on tax liability.

Other Powers

Right to Decide upon Continuing Expenditure

In case that the government needs to execute a portion of its spending beyond the end of one fiscal year, it shall gain the con-sent of the NationalAssembly for the continuing expenditure with a set term of years (no more than five years).

Right to Approve Spending from Reserve Funds

The government shall gain the approval of the National Assembly for the total amount it plans to spend from the reserve fund. For the specifics, the next National Assembly shall decide upon their approval.

Right to Consent to Government Bonds

The government shall issue government bonds to supplement tax revenue under the consent of the National Assembly.

Right to Consent to Government Contracts with Possible Burden to the Treasury

Apart from budgets, the government shall gain the consent of the National Assembly in advance in case it plans to sign a contract??ncluding those under private law??hat may impose a burden on the national treasury.

Top