LAW OF TURKMENISTAN

of June 18, 1996 No. 121-1

About budget system

This Law establishes the legal basis of the organization of management and functioning of budget system, regulates relations between budgets of all levels.

Section I. General provisions

Article 1. Concept of the budget

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.

Article 2. Legislation on budget system

The legislation on 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.

Article 3. Fiscal year

Fiscal year - financial year on which the budget prepares.

Financial year begins on January 1 and comes to an end on December 31.

Article 4. Budget financial policy

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.

Section II. Budget system of Turkmenistan

Article 5. Budget system 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.

Article 6. Government budget of Turkmenistan

The government budget of Turkmenistan - the fixed assets of money including means of the centralized budget and local budgets.

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