The economic organization of East Timor shall be based on the combination of community forms with free initiative and business management, as well as on the coexistence of the public sector, the private sector and the co-operative and social sector of ownership of the means of production.
Article 139. Natural Resources
The resources of the soil, the subsoil, the territorial waters, the continental shelf and the exclusive economic zone, which are essential to the economy, shall be owned by the State and must be used in a just and equitable (iqualitáia) manner in accordance with national interests.
The conditions for the exploitation of the natural resources referred to in number 1 above must lend themselves to the establishment of obligatory financial reserves, in accordance with the law.
The exploitation of the natural resources shall preserve the ecological balance and prevent destruction of ecosystems.
Article 140. Investments
The State shall promote national investment and establish conditions to attract foreign investment, taking into consideration the national interests, in accordance with the law.
Article 141. Land
Ownership, use and development of land as one of the factors for economic production shall be regulated by law.
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The structure of the financial system shall be determined by the law in such a way as to guarantee that savings are encouraged and built up with security and that the financial resources necessary for economic and social development are provided.
Article 143. Central Bank
The State shall establish a national central bank jointly responsible for the definition and implementation of the monetary and financial policy.
The law defines the functions and the relationship of the Central Bank with the National Parliament and the Government, safeguarding the management autonomy of the financial institution.
The Central Bank has exclusive competence for issuing the national currency.
Article 144. Tax System
The State shall establish a tax system aimed at meeting the financial requirements of the State and the fair distribution of national income and wealth.
The taxes shall be established by law, which shall determine the incidence, tax benefits and guarantees of taxpayers.
Article 145. State Budget
The State Budget is prepared by the Government and approved by the National Parliament.
The Budget law shall provide, based on efficiency and efficacy, a breakdown of the revenues and expenditures of the State, as well as preclude the existence of secret appropriations and funds.
The execution of the Budget is monitored by the High Administrative, Tax and Audit Court and by the National Parliament.
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