CHAPTER 8. FINANCIAL AND BUDGET SYSTEM
1. The financial system of the Pridnestrovskaia Moldavskaia Respublika shall be based on its own monetary unit.
The right to be in charge of public finances shall belong only to appropriate organs of executive power and only in accordance with the legislative act to be passed by the Supreme Soviet of the Pridnestrovskaia Moldavskaia Respublika.
2. The state means can be spent and the state monetary obligations can be entered into only in the order and within the limits established by the law.
3. To cover an unforeseen budget deficit and unforeseen public expenditures, within the limits of the national budget a reserve fund shall be established, the responsibility for spending of which shall be placed on the executive organ of state administration under which jurisdiction financial matters fall.
1. All public revenues and expenditures should be included in the budget.
2. The budget shall be passed by the law for one year or for several years, in the latter case it shall be passed separately for each year before the beginning of the first year of account. The budget sections (budget programs) may have different terms of action.
3. If budget for the next year is not passed before the end of the year of account, before its passing appropriate organs of state power shall be entitled to make, within the limits provided by the law for an appropriate period of the past year, all expenditures necessary for:
a) supporting specified budget organizations, organs of power and administration, and making expenditures allowed by the law;
b) carrying out obligations of the state stipulated by the law.
If the abovementioned expenditures are not covered by revenues from taxes, dues and other sources, an executive organ of state power, under whose jurisdiction fall the matters of financial management, may realize, in the form of crediting, means necessary for support of the economy amounting up to one-fourth of the total sum of the past year budget.
4. The laws to be passed during a budget year, which increase approved budget expenditures or decrease budget revenues, may be passed by the Supreme Soviet only with agreement of the President of the Pridnestrovskaia Moldavskaia Respublika.
5. The bills on introducing or abolishing taxes, on exemption from paying taxes, on issue of state loans, on changing state financial obligations, other bills envisaging expenditures to be covered at the expense of the state budget, except for the cases stipulated in paragraph 4 of the given Article, may be considered only provided if there is a resolution of the President of the Pridnestrovskaia Moldavskaia Respublika.
1. New taxes can be introduced and the existing ones changed only on the basis of the law or under conditions provided by the law.
The right to grant tax advantages and other financial exemptions within the limits and in the cases provided by the law shall be given to appropriate executive organs of state power, in other cases it may be done only through an appropriate law to be passed by the Supreme Soviet.
2. The Laws and other legal acts establishing new taxes and other obligatory payments or worsening the position of tax-payers shall not be retroactive and shall enter into force from the beginning of a new financial year, provided they were officially published at least three months before its beginning.
No one should be forced to pay taxes and other obligatory payments not established by the law, or calculation and collection of which are not carried out according to the law, or in another order than provided by the law.
3. The executive power, by authority of the law, shall be authorized to increase, decrease within the limits stipulated by the law, or to abolish in cases provided by the law, established by the Supreme Soviet taxes and dues related to the external economic activity, and to establish new ones; and, if needed, to reduce and prohibit import, export and transit of products, goods and property with the purpose of regulation of external trade, economy of the Republic, and stability in the domestic production, and to take any other measures for development of the economy and the state. When presenting a draft annual state budget, the President of the Pridnestrovskaia Moldavskaia Respublika shall submit to the Supreme Soviet the information on the measures taken in the process of exercising the abovementioned powers in the accounting financial year.
The state taxation system shall be aimed at the good and benefit of the population, at satisfaction of financial needs of the state, just distribution of revenues and national wealth, as well as at stimulation of national production.
1. The central bank shall be a state bank.
In its activity, the central bank of the state shall be accountable to the Supreme Soviet and the President of the Pridnestrovskaia Moldavskaia Respublika and act within the limits established by the current Constitution and the law. The status of the Central Bank of the state shall be provided by the law.
2. Currency issue shall be made only by the central bank within the limits established by the Supreme Soviet of the Pridnestrovskaia Moldavskaia Respublika, when approving the budget in the interests of state regulation and development of the economy of the Republic.