CHAPTER IX. STATE FINANCE AND TAXES
Article 162. State Finance law
Every financial year, the Chamber of Deputies considers the relevance of the State finance bill and adopts the State finance law.
The State finance law determines the revenue and expenditure of the State in accordance with conditions provided for by an organic law. That organic law also determines the date of presentation of annual budget before both Chambers of Parliament.
Before final adoption of the State budget, the Senate must provide the Chamber of Deputies with its opinion on the State finance bill.
Article 163. Execution of budget before publication of the annual finance law
In case the financial year starts before the publication of the State finance law of that year, the Prime Minister authorises, by an order, a monthly expenditure on a provisional basis of an amount equal to one-twelfth (1/12) of the budget of the preceding year.
Article 164. Imposing, modifying or removing a tax
Tax is imposed, modified or removed by law.
No exemption or reduction of a tax can be granted unless authorised by law.
Article 165. Office of the Auditor General of State Finances
The Office of the Auditor General is an independent Public Institution responsible for the auditing of state finances and assets.
A law determines the responsibilities, organisation and functioning of this Office.
Article 166. Report of the Auditor General of State Finances
The Office of the Auditor General of State Finances submits each year, to both Chambers of Parliament, prior to the commencement of the session devoted to the examination of the budget of the following year, a complete report on the balance sheet of the State budget of the previous year. This report must indicate the manner in which the budget was executed, unnecessary or unlawful expenditures, and whether there were embezzlement or squandering of public funds.
A copy of the report is submitted to the President of the Republic, Cabinet, the President of Supreme Court, and the Prosecutor General.
Within six (6) months of receiving the report of the Auditor General referred to in this Article, Parliament examines it and takes appropriate decisions.
Institutions and public officials to which a copy of the annual report of the Auditor General is addressed must implement its recommendations by taking appropriate measures as regards irregularities and other shortcomings which were disclosed.
The Parliament may request the Office of the Auditor General to conduct a financial audit of State institutions or the use of funds allocated by the State.
