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Deliberation on Budget Bills
The government budget refers to the preliminary financial plan on the government's revenue and expenditures for each fiscal year. A budget bill is drawn up based on tax revenues, and its huge scope and various functions have significant implications on the nation's economy. The National Assembly's deliberations and decisions on the budget bill entail a process aimed to reflect public opinion and to improve the efficiency and quality of fiscal operations through effective oversight.
Budget bill deliberation process
- Introduction
- Reference
- Speech by the government on Budget
- Pre-examination by the relevent standing committee
- Compregensive examination by the Special Committee on Budget and Accounts
- Deliberation and decision at the Pienary Session
Deliberation on the Settlement of Accounts
The settlement of accounts refers to the settlement of government revenues and expenditures for each fiscal year as indicated in numeric terms, through which the National Assembly decide who shall be held accountable for the implementation of the budget, while providing essential data for future fiscal plans and their implementation.
Procedure for deliberating the settlement of accounts
- Introduction
- Reference
- Pre-examination by the competent standing committee
- Comprehensive examination by the Special Committee on Budget and Accounts
- Deliberation and decision at the Pienary Session
- Request for the correction of any illegal or unjust matters
- Debriefing on the correction results
Deliberation on Funds
Funds shall be established in accordance with law, when the state needs to operate certain funds for a particular purpose, and shall be operated separately from the budget revenue and expenditure. The National Assembly shall have the right to examine bills on funds and the settlement of fund accounts thereof.
Procedure for deliberating funds
- Introduction
- Reference
- Pre-examination by the competent standing committee
- Comprehensive examination by the Special Committee on Budget and Accounts
- Deliberation and decision at the Plenary Session
Legislative Power to Finance
Types and rates of taxes shall be determined by law as provided in the Constitution, as well as taxable items, tax bases, taxpayers and ceilings on tax liability.
Other Powers
Right to Decide upon Continuing Expenditure
In case that the government needs to execute a portion of its spending beyond the end of one fiscal year, it shall gain the con-sent of the NationalAssembly for the continuing expenditure with a set term of years (no more than five years).
Right to Approve Spending from Reserve Funds
The government shall gain the approval of the National Assembly for the total amount it plans to spend from the reserve fund. For the specifics, the next National Assembly shall decide upon their approval.
Right to Consent to Government Bonds
The government shall issue government bonds to supplement tax revenue under the consent of the National Assembly.
Right to Consent to Government Contracts with Possible Burden to the Treasury
Apart from budgets, the government shall gain the consent of the National Assembly in advance in case it plans to sign a contract??ncluding those under private law??hat may impose a burden on the national treasury.
