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REPUBLIC OF MOLDOVA MINISTRY OF FINANCE LAW On Public Finance and Budget and Tax REPUBLIC OF MOLDOVA MINISTRY OF FINANCE LAW On Public Finance and Budget and Tax Responsibility; Competences and Roles of Participants of the Budget Process # 181, of July 25, 2014 Plenary Meeting of the Treasury Community of Practice June 1 -3, 2016, Kishinev 1

Rationale for Development of the New Law on Public Finance • Decree on approval Rationale for Development of the New Law on Public Finance • Decree on approval of the Strategy for Public Finance Management for 2013 -2020 # 573, of 06. 08. 2013 • Shortcomings of the Law on the Budget System and Budget Process # 847 - XIII, of 24. 05. 1996 ü Multiple changes ü Lack of certain legal rules • The need to harmonize the national legislation with international standards • Harmonization of budget rules 2

Subject and Scope • • • Sets budget and tax principles and rules Determines Subject and Scope • • • Sets budget and tax principles and rules Determines components of the national public budget and regulates interbudgetary relations Regulates the Budget Calendar and the general procedures of the budget process Delineates competences and responsibilities in the sphere of public finance Provisions of the law are applied: when preparing, approving, executing, reporting and controlling budgets that are components of the national public budget In the course of ensuring financial monitoring of activities of public bodies / self-governing institutions, state owned / municipal enterprises and commercial companies with fully or predominantly public capital 3

Components of the National Public Budget Ø State Social Insurance Budget Ø Compulsory Health Components of the National Public Budget Ø State Social Insurance Budget Ø Compulsory Health Insurance Funds Ø local budgets ü local budgets of Level II 4 Consolidated central budget Consolidated local budget

Budget Calendar (central level) Government approves and submits to the Parliament a draft law Budget Calendar (central level) Government approves and submits to the Parliament a draft law on midterm macro budget limits By June 1 The Parliament adopts the law on mid-term macro budget limits By July 15 The Government approves and submits to the Parliament drafts of budget laws for the next year The Parliament approves budget laws for the next year The Government submits to the Parliament the semi-annual report on execution of the national public budget and its components for the current fiscal year The Government submits to the Parliament annual reports on execution of the state budget, state social insurance budget and of compulsory health insurance funds for the past fiscal year By October 15 By December 1 By August 15 By June 1 The Parliament approves annual reports on execution of the state budget, By July 15 state social insurance budget and of compulsory health insurance funds for the past fiscal year 5

Budget Calendar (local level) The local executive body develops and submits to the local Budget Calendar (local level) The local executive body develops and submits to the local council a draft of the local budget for the next year By November 20 The local council approves the local budget for the next year By December 10 The local executive body submits to the local council the annual report on execution of the local budget for the past fiscal year By March 15 The local council approves the annual report on execution of the local budget for the past fiscal year By April 1 6

Competencies and Responsibility in the Sphere of Public Finance Role of the Parliament - Competencies and Responsibility in the Sphere of Public Finance Role of the Parliament - Adopts legal acts in the sphere of public finance - Adopts a law on mid-term macro budget limits and, if necessary, changes and amendments arising from the fiscal policy - Adopts annual budget laws and laws on budget adjustments - Reviews the semiannual report on execution of the national public budget and its components - Approves annual reports on execution of the state budget, state social insurance budget and compulsory health insurance funds. 7

Competencies and Responsibility in the Sphere of Public Finance Role of the Government - Competencies and Responsibility in the Sphere of Public Finance Role of the Government - Approves the mid-term budget forecast and submits to the Parliament the draft law on mid-term macro budget limits - Approves and submits to the Parliament drafts of annual budget laws and also drafts of laws on budget adjustments - Makes decrees on reallocation of appropriations between central public governance bodies and between programs of one public governing body – up to 10 % of the volume of approved budget appropriations - Reviews and submits to the Parliament reports on execution of the national public budget and its components 8

Competencies and Responsibility in the Sphere of Public Finance Role of the Ministry of Competencies and Responsibility in the Sphere of Public Finance Role of the Ministry of Finance - Develops and submits for approval of the Government the mid-term budget forecast and the draft law on mid-term macro budget limits - Reviews proposals of central public governing bodies concerning the budget, develops and submits to the Government the draft law on the state budget for the relevant year and, if necessary, draft laws on budget adjustments - Provides for management of funds of budgets that are components of the national public budget by means of the single treasury account and other accounts opened with the National Bank of Moldova and with financial institutions, administers the state budget and monitors execution of other budgets that are components of the national public budget 9

Competencies and Responsibility in the Sphere of Public Finance Role of the Ministry of Competencies and Responsibility in the Sphere of Public Finance Role of the Ministry of Finance - Arranges and provides for functioning of the treasury system - Takes part in the Automated interbank payment system - Prepares and publishes periodic and annual reports on execution of the state budget, and also on execution of the national public budget - Develops and approves the methodological procedures for implementation of the law and other normative acts in the sphere of public finance, and also provides methodological assistance to central and local public governing bodies in the budget process - Supports the process of on-going development of professional skills of human resources working in the sphere of public finance 10

Other Statutory Competencies and Responsibilities • Role of central public governing bodies • Role Other Statutory Competencies and Responsibilities • Role of central public governing bodies • Role of the central public governing body and public entity that are responsible for state social insurance budget • Role of the central public governing body and public entity that are responsible for compulsory health insurance funds • Role of local public governing bodies • Role of budget entities 11

REPUBLIC OF MOLDOVA MINISTRY OF FINANCE THANK YOU FOR ATTENTION! General Directorate of the REPUBLIC OF MOLDOVA MINISTRY OF FINANCE THANK YOU FOR ATTENTION! General Directorate of the State Treasury Department of Methodology svetlana. [email protected] gov. md 12