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THE CONSTITUTION
OF GEORGIA
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CHAPTER
SIX
State Finances and Control
Article 92
- 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.
- The procedures for making
and passing the budget are determined by law.
Article 93
- Only the President has the
right to submit the draft budget to Parliament.
- 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.
- 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.
- 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
- Everyone is obliged to pay
taxes in the amount and by the rules determined by law.
- The structure of taxes and
their introduction are determined by law.
- Exemption from state taxes
and payments from the state treasury is permissible only by law.
Article 95
- The Georgian National Bank
guarantees the appropriate functioning of a steady fiscal credit
system in Georgia.
- The Georgian National Bank
carries out fiscal credit and currency policies in accordance with the
primary directions determined by Parliament.
- The National Bank
supervises other banks and is the banker of the government of Georgia
and its fiscal agent.
- The National Bank is
independent in its activities. The authority, procedures and guarantee
of independence are determined by organic law.
- The name and units of
money are determined by law. Only the National Bank has the right to
issue money.
Article 96
- 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.
- 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.
- The National Bank is
responsible to the Parliament and annually submits a report of the
Bank's activities.
Article 97
- 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.
- 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.
- 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.
- The authority, organization, activities and the guarantee of the independence of the
Chamber of Control are determined by law.
- Other bodies of state
control are created according to law.
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