Cape Verde 1980 Constitution (reviewed 1992)

PART III. ECONOMIC, FINANCIAL AND FISCAL ORGANIZATION

TITLE I. THE ECONOMIC SYSTEM

Article 88. General Principles

1. All economic resources and wealth of the country, whatever its ownership or form, shall be subordinate to the general interest.
2. The State shall guarantee conditions for the fulfillment of economic democracy, assuring:
   1. Benefit to all citizens from the profits resulting from collective effort toward socioeconomic development, translated into a better quantity and quality of standard of living;
   2. Equality of conditions in business establishment and in competition among all economic agents, private and public;
   3. Participation of different social and economic groups through their representatives and local bodies in the process of conception, approval, execution and evaluation of development plans.
   4. A favorable environment for free, general access to knowledge, information and property;
   5. Balanced development of all regions and adequate use of their specific resources;
3. Economic activities may not jeopardize the ecosystem nor contribute to imbalance in the relations between man and the environment.
4. The State must support national economic agents in their relations with the rest of the world and support in a special way economic agents who contribute to the integration of Cape Verde in the world economic system.

Article 89. Foreign Investment

The State shall encourage and support foreign investment which contributes to the economic and social development of the country.

Article 90. Coexistence of Economic Sectors

1. Coexistence of the following sections of the economy shall be guaranteed:
   1. The public sector, consisting of the means of production whose property and management belong to the State or other public entities;
   2. The private sector, consisting of the means of production whose property and management belong to individuals or private organizations, including cooperatives;
2. There may be communal means of production belonging to the local communities and managed by them.

Article 91. Public Domain

1. The following property shall be in the public domain:
   1. Interior waters, archipelago waters, and the territorial sea, its beds and floor;
   2. Airspace over the national territory;
   3. The continental shelf;
   4. Living and non-living resources in the interior waters, archipelago waters, the territorial sea, the contiguous zone, the exclusive economic zone, and the continental shelf;
   5. Mineral deposits and the natural subterranean cavities;
   6. Public roads;
   7. Beaches and the maritime zone;
   8. Other property as determined by law.
2. The law shall make regulations regarding property in the public domain, as well as its management and conservation, with respect to principles of inalienability.

Article 92. Plans

1. The economic and social development of Cape Verde shall be guided by a national plan which takes into account regional plans.
2. Provisions in the national plan shall be set forth by the Government in accordance with its program.
3. Provisions in the plan must be submitted for approval by the National Assembly.
4. Execution of the plan shall be decentralized under coordination by the Government.

TITLE II. FINANCIAL AND FISCAL SYSTEM

Article 93. Financial System

The financial system shall guarantee the formation and protection of savings, as well as the application of financial measures necessary for the economic and social development of the country.

Article 94. Bank of Cape Verde

1. The Bank of Cape Verde shall be the central bank with the exclusive right to issue money; it shall cooperate in the definition and execution of monetary, financial, and exchange policy, as provided by law.
2. The preceding shall not exclude limitations nor obligations imposed by the participation of Cape Verde in African supranational, regional, and sub-regional organizations.

Article 95. Fiscal System

1. The fiscal system shall be structured to meet the financial needs of the State and other public entities, to fulfill the objectives of the economic and social policy of the State, and to guarantee a just distribution of income and wealth.
2. Taxes shall be created by law, which shall determine the basis, the rate, and guarantees to taxpayers.
3. No one may be forced to pay taxes which have not been created under provisions of the Constitution or whose payment and collection are not provided by law.
4. Within the same fiscal year, the basis and rate of taxes may not be increased.

Article 96. Prohibition Against Retroactivity of Tax Laws

Tax laws may not be applied retroactively unless retroactivity would be more favorable to the taxpayer.

Article 97. Budget

1. The Budget of the State shall be unitary; shall specify revenue and expenditures, allotted according to respective organic and functional classifications; it must be annual; it must be public; it must be drawn up in such a way that all expenditures provided are covered by revenue.
2. The Budget may contain programs and projects covering several years; in that case, the Budget must include the costs to be charged to the applicable year.
3. The fiscal year shall coincide with the calendar year.
4. The law shall define the rules for the execution of the Budget and the criteria for changing it within the period of its execution.

Article 98. Presentation of the Budget

1. The Budget bill shall be presented by the Government and voted by the National Assembly within time limits established by law.
2. The law shall establish the procedure to be followed whenever it is not possible to meet the time limits for the presentation and voting of the Budget.
3. The Budget bill shall be accompanied by reports justifying the revenue and expenditures, and changes, as well as other elements which may be necessary.

Article 99. Execution of the Budget

Execution of the State Budget shall be supervised by the Court of Accounts and by the National Assembly, which shall audit and approve the State’s General Accounting.