of June 18, 1996 No. 121-1
About the budget system
This Law establishes the legal basis of the organization of management and functioning of the budget system, regulates relations between budgets of all levels.
The budget is set of the financial resources formed for certain period and used by state governing bodies, the local executive authority and local self-government according to the procedure, established by the legislation of Turkmenistan.
The legislation on the budget system consists of this Law, Rules of creation and execution of the State Budget of Turkmenistan approved according to the procedure, established by the Cabinet of Ministers of Turkmenistan, and also other acts of the legislation of Turkmenistan.
Fiscal year - financial year on which the budget prepares.
Financial year begins on January 1 and comes to an end on December 31.
Budget financial policy - the tax, price, monetary and monetarist policies which are carried out by the supreme bodies of the government and management of Turkmenistan aimed at providing balance of the Government budget of Turkmenistan.
The single budget system of Turkmenistan is constituted by the Government budget of Turkmenistan and other financial resources of the state, procedure for education and which uses it is determined by the legislation of Turkmenistan.
The government budget of Turkmenistan - the fixed assets of money including means of the centralized budget and local budgets.
As a part of the Government budget of Turkmenistan means of the special trust funds and financial resources of the business entities founded on the state pattern of ownership are considered.
Income of the Government budget of Turkmenistan are formed within one financial year of payments of taxes by physical persons and legal entities, charges and other obligatory payments, receipts of other sources established by the laws and other acts of the legislation of Turkmenistan.
Income of the Government budget of Turkmenistan is distributed between the centralized budget, budgets of welayats and the city of Ashgabat according to the Law on the Government budget of Turkmenistan approved for fiscal year.
Expenses of the Government budget of Turkmenistan consist of the current expenses providing activities of state governing bodies, the local executive authority and local self-government, and financing expenses of investing and innovative activities.
The centralized budget - the fund of money necessary for financing of national programs and accomplishment of the functions assigned to state governing bodies.
Income of the centralized budget constitutes the taxes and other obligatory payments established by the legislation of Turkmenistan.
Part of the income of the centralized budget in the form of grants and subventions goes to budgets of welayats and the city of Ashgabat for ensuring uniform economic, social and cultural development of the territories.
Means of the centralized budget are used on:
- financing of production and non-productive construction, design and survey, nature protection and other works;
- financing of health care, education, science, culture and sport, social security of the population;
- content of state governing bodies, law enforcement, judicial authorities and defense;
- formation of special fund for financing of works on natural disaster response;
- formation of reserve fund of the Government;
- servicing of the state external and internal debts;
- other actions financed in centralized procedure.
Local budgets - the funds of money of administrative and territorial units of the state which are under authority of bodies of the local executive authority and local self-government for accomplishment of the functions assigned to them.
Bodies of the local executive authority and local self-government according to the competence independently constitute the budgets; within amounts of budget incomes, the provided grants and subventions finance actions for economic, social and cultural development of welayats, cities, etraps, settlements and villages.
The taxes determined by the laws and other acts of the legislation of Turkmenistan are enlisted in local budgets.
Means of local budgets are used on:
- the production and non-productive construction performed according to development plans for the territory;
- improvement of the cities, settlements and villages;
- content and capital repairs of housing stock and domestic objects, networks of roads of the corresponding subordination;
- financing of the organizations of health care, education, culture and sport of local subordination;
- content of bodies of the local executive authority and local self-government and on other purposes.
Part of the income of local budgets in the form of grants and subventions is distributed from:
- the budget of the welayat - hyakimy the welayat for budgets of the etraps and the cities equated to etraps;
- the budget of the etrap - hyakimy the etrap for budgets of the cities in the etrap, settlements and villages;
- city budget of Ashgabat - hyakimy the city of Ashgabat for budgets of etraps and the settlement of Firyuza.
The special trust funds - the funds of money of the state having purpose.
The special trust funds can be formed by acts of the President of Turkmenistan and the Cabinet of Ministers of Turkmenistan.
Financial resources of the business entities founded on the state pattern of ownership are formed of the profit remaining at their order after tax payment, charges and other obligatory payments, the depreciation charges and other income.
The business entities founded on the state pattern of ownership perform normative distribution and use of the financial resources according to general economic policy of the Government of Turkmenistan.
The president of Turkmenistan in case of introduction of emergency state has the right to approve the emergency budget.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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