General Data Constitution of Georgia Emblem National Flag National Anthem (MIDI file)

THE CONSTITUTION OF GEORGIA

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CHAPTER SIX
State Finances and Control

Article 92

1. The Parliament of Georgia by the majority of the total number of deputies, annually passes the state budget law which is signed by the President.
2. The procedures for making and passing the budget are determined by law.

Article 93

1. Only the President has the right to submit the draft budget to Parliament.
2. The President is obliged to submit the draft budget to the Parliament not later than three months before the end of the current budget year. Together with the draft budget the President submits a report on the implementation of the budget for the current year. The President submits a report on the implementation of the state budget no later than three months following the end of the budget year.
3. Without the consent of the President it is impossible to introduce changes to the draft budget. The President can require from Parliament additional state expenditure only if he indicates how the additional expenditure will be covered.
4. If Parliament cannot pass the budget by the beginning of the new budget year, expenditures needed to cover the state’s liabilities are made in accordance with the budget of the prior fiscal year.

Article 94

1. Everyone is obliged to pay taxes in the amount and by the rules determined by law.
2. The structure of taxes and their introduction are determined by law.
3. Exemption from state taxes and payments from the state treasury is permissible only by law.

Article 95

1. The Georgian National Bank guarantees the appropriate functioning of a steady fiscal credit system in Georgia.
2. The Georgian National Bank carries out fiscal credit and currency policies in accordance with the primary directions determined by Parliament.
3. The National Bank supervises other banks and is the banker of the government of Georgia and its fiscal agent.
4. The National Bank is independent in its activities. The authority, procedures and guarantee of independence are determined by organic law.
5. The name and units of money are determined by law. Only the National Bank has the right to issue money.

Article 96

1. The highest body of the National Bank is the Board of the National Bank, whose members are approved by Parliament by the majority of the total number of deputies upon the nomination of the President, for a period of seven years. The removal of members of the Board is possible only by Parliament according to Article 64 of this Constitution.
2. The President of the National Bank is appointed and relieved of his duties by the President of Georgia, upon the nomination of the Board of the National Bank.
3. The National Bank is responsible to the Parliament and annually submits a report of the Bank's activities.

Article 97

1. Financial and economic oversight of state revenues and other expenditure of the state is carried out by the Chamber of Control of Georgia. It is authorized to check activity of other bodies of fiscal and economic activity and submits proposals to the President of Georgia on improving tax legislation.
2. The Chamber of Control is independent and is responsible to Parliament. The Chairman of the Chamber of Control is appointed by Parliament, upon the nomination of the President, for a term of five years. His removal is possible only by a decision of Parliament in accordance with Article 64 of this Constitution.
3. Twice a year while submitting the preliminary and final report on the fulfillment of the budget, the Chamber of Control submits a report to Parliament on government expenditures. Once a year it submits a report of its own activities.
4. The authority, organization, activities and the guarantee of the independence of the Chamber of Control are determined by law.
5. Other bodies of state control are created according to law.

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