CHAPTER XVI. SUPERVISION OF THE EXPENDITURE OF STATE FINANCES
Article 149
- An institution shall be established by law which shall have as task to supervise the expenditure of state finances as well as to control the management of government means in the broadest sense shall be created by law.
- Supervision and control shall be exercised on the justification as well as on the effectiveness of the expenditure and management of the state finances.
Article 150
The chairman, the members and the deputy members are appointed by the President for a period of five years, on proposal of the National Assembly.
Article 151
The organ mentioned in article 149 shall periodically, however at least once per year, report on the supervision it exercises to the National Assembly, the Council of State and the Government. The report shall be made public.
Article 152
Other matters pertaining to the composition, the organization and the authority of this organ, shall be regulated by law.
CHAPTER XVII. ADVISORY COUNCILS
Article 153
One or more advisory councils for the benefit of the Government shall be created by a law, which will also contain rules on their appointment, composition, procedures and authority.
CHAPTER XVIII. THE FINANCIAL AND MONETARY SYSTEM
Article 154
- The structure of the financial system shall be organized by law in such a way, that by saving and by correct allocation of the necessary financial means, investments in the productive sector shall be promoted.
- The law shall lay down rules concerning the monetary system and the Central Bank.
- The law shall lay down rules concerning insurance and banking services.
- Conditions for the manner in which the State obtains loans shall be regulated by law.
CHAPTER XIX. TAXES
Article 155
- Taxes are levied by virtue of the law, which regulates the rate of taxation, tariffs, dispensations and guarantees for taxpayers.
- No privilege with regard to taxes shall be permitted other than by virtue of the law.
Article 156. THE BUDGET
- The manner in which the annual budget is prepared, drafted and executed and the period for which it is valid are regulated by law.
- All expenditures of the State and the means for the defrayal thereof shall be estimated in the budget.
- Annually, at the latest on the first working day of October the budget shall be submitted to the National Assembly in one or more proposals of law in accordance with the law and with the government development plan.
- On the occasion of the submission of the budget proposal by the Government to the National Assembly, the President will address the National Assembly in a special session. a. The budget shall become effective starting January 1st of the fiscal year to which it relates. b. It shall be considered to have become effective from that day, notwithstanding it could have been promulgated thereafter.
- As long as that has not occurred, the budget of the fiscal year preceding the year in question shall serve as basis for the management. a. The closing of the accounts shall be decided by law for each fiscal year separately. b. The justification of revenue and of expenditure of the State is done before the National Assembly following legal prescriptions and with submission of the accounts reviewed by an independent organ to be created by law.
