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LAW OF THE AZERBAIJAN REPUBLIC

of July 2, 2002 No. 358-IIQ

About the budget system

(as amended on 29-12-2020)

Section I. General provisions

This Law establishes organizational, legal and economic basis of the organization of the budget system in the Azerbaijan Republic, creation, approvals, execution of budgets and control of their execution, and also the basic principles of interrelation of the government budget with off-budget state funds, local budgets.

Article 1. The basic concepts used in the Law

1.1. For the purpose of this Law the following concepts are used:

1.1.1. the budget - the main financial record for collection and use of the money necessary for accomplishment by means of relevant organs of the government of the Azerbaijan Republic and self-government institutions of the obligations and functions belonging to the state and municipalities;

1.1.2. budget classification - group on the basis of functional, economic, administrative and other principles of the income, expenses and sources of financing of the government budget, budget of the Nakhchivan Autonomous Republic, local budgets and off-budget state funds;

1.1.3. fiscal year - annual period from January 1 to December 31;

1.1.4. the approved budget assignments - upper limit of the means approved by the legislation which can be spent under Articles in the government budget, the budget of the Nakhchivan Autonomous Republic and local budgets;

1.1.5. off-budget state funds - the trust state financial funds founded by the state according to the legislation as the legal entity having the independent budget out of the government budget;

1.1.6. off-budget transactions - financial transactions according to income gained by relevant organs of the executive authority and state-financed organizations in the procedure established by the legislation out of the government budget and the budget of the Nakhchivan Autonomous Republic and the expenses performed by them;

1.1.7. the consolidated budget - the financial record reflecting the income and expenses of the government budget, budget of the Nakhchivan Autonomous Republic (including, off-budget transactions), off-budget state funds at the level of paragraphs according to functional and economic classification;

1.1.8. budget deficit - the amount of the budgeted expenses which are not covered by the income;

1.1.9. budget surplus - the amount of the budget incomes exceeding budgeted expenses;

1.1.10. cash execution of the State Budget - the execution mechanism providing receipt of budget incomes in the budget and target use of expenses by means of treasury according to budget classification;

1.1.11. budget incomes - the taxes, duties, other payments and receipts arriving in the government budget, the budget of the Nakhchivan Autonomous Republic and local budgets according to the procedure, established by the corresponding legal acts of the Azerbaijan Republic, the Nakhchivan Autonomous Republic and local government bodies;

1.1.12. budgeted expenses - the means deducted according to budget classification from the government budget, the budget of the Nakhchivan Autonomous Republic and local budgets for ensuring stipulated by the legislation requirements;

1.1.12-1. the centralized income - the income created less of the income of the government budget of the local income according to the standard rates established by the government budget;

1.1.12-2. centralized expense - the expenses connected with financing according to budget classification of activities and actions of the relevant organs provided by the government budget;

1.1.12-3. the local income - the income on the certain cities and areas created based on the standard rates provided by the government budget;

1.1.12-4. local expense - expenses which financing according to budget classification is performed at the expense of the funds allocated from the local income and the centralized income;

1.1.13. budget advances - the financial resources allocated within year for certain term with return condition from centralized expenses of the government budget in the budget of the Nakhchivan Autonomous Republic, local budgets and to legal entities, from local budgets - to the municipal organizations issued within fiscal year;

1.1.14. the grant - the financial resources gratuitously allocated from the government budget in the budget of the Nakhchivan Autonomous Republic and local budgets for the purpose of regulation of their income and expenses;

1.1.15. grant - the target financial aid gratuitously provided at the expense of internal and external sources;

1.1.16. subvention - the financial resources allocated from the government budget in the budget of the Nakhchivan Autonomous Republic and local budgets for implementation of target financing however returned in case of not their use in these purposes or at the scheduled time;

1.1.17. subsidy - the financial resources gratuitously allocated from the government budget in the budget of the Nakhchivan Autonomous Republic, local budgets and to legal entities;

1.1.18. trust budget funds - the money as a part of the government budget, the budget of the Nakhchivan Autonomous Republic and local budgets which is created and used for implementation of specific actions;

1.1.19. the sequester - in case of failure to carry out of the income, and also receipts on sources of financing of shortage (deficit) of the government budget, budget of the Nakhchivan Autonomous Republic and local budgets - reducing in accordance with the established procedure expenses, expenditure items except for protected, on other months of fiscal year;

1.1.20. the protected expenditure items - the budgeted expenses established by the legislation which financing within fiscal year is not subject to the sequester;

1.1.21. public debt - debt, due for settlement according to obligations of the agreements signed on behalf of the Azerbaijan Republic;

1.1.22. the overall financial balance - the financial record reflecting data on sources of emergence and the directions of use of financial resources in the country for the specific period.

1.1.23. state-financed organization - organizations and the organizations which financing is performed directly at the expense of the government budget of the Azerbaijan Republic and the budget of the Nakhchivan Autonomous Republic;

1.1.24. the organizations participating in budgeting process - central both the local executive bodies and their structural divisions, bodies providing the execution of budget incomes, the organizations financed from the government budget and (or) receiving financial aid, off-budget state funds and taxpayers, if necessary, municipalities.

1.1.25. the single treasurer account - system of accounts at bank and financial institutions of the State Treasury;

1.1.26. remaining balance on the single treasurer account - balance in system of accounts at bank and financial institutions of the State Treasury;

1.1.27. free remaining balance on the single treasurer account - the amount of the means which remained for the beginning of the current fiscal year as a result of execution of government budgets of previous years in system of accounts of bank and financial institutions of the State Treasury;

1.1.28. net financial assets - balance of the State oil fund of the Azerbaijan Republic, remaining balance of the single treasurer account, means of the single treasurer account issued on management, amount difference the current year on the debt which is subject to payment by the foreign states according to obligations of the agreements signed on behalf of the Azerbaijan Republic and servicing of obligations of the state companies to the government budget and the total amount of internal and external public debt;

1.1.29. the budget rule - the frame consisting of macroeconomic and budget indicators for realization of the budget policy providing medium-term and long-term macroeconomic stability, financial and debt discipline;

1.1.30. the state company - joint-stock company, 51 and more percent of shares (shares) of which directly or indirectly belongs to the state, limited liability company, the legal entities and public legal entities functioning in other organizational form;

1.1.31. not petroleum gross internal petroleum product - difference between aggregate value of gross domestic product, and aggregate value of the gross domestic product created in oil and gas industry;

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