{"id":261603,"date":"2010-07-23T07:45:02","date_gmt":"2010-07-23T07:45:02","guid":{"rendered":"http:\/\/new.moldova.org\/2010\/07\/23\/public-finance-law-to-replace-law-on-budget-system-210904-eng\/"},"modified":"2010-07-23T07:45:02","modified_gmt":"2010-07-23T07:45:02","slug":"public-finance-law-to-replace-law-on-budget-system-210904-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/public-finance-law-to-replace-law-on-budget-system-210904-eng\/","title":{"rendered":"Public finance law to replace law on budget system"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The Moldovan Ministry of Finance is drafting a Law on Public Finance, which is to replace the current Law on the Budget System and Budget Process. The MoF presumes the drafting will last till mid-2011, bearing in mind that the Law on the 2012 State Budget will be adopted already on the basis of the new organic law on public finance.<\/p>\n

The MoF drafters are saying the new law is conditioned by the need for a complex-like and unified managing of the public finance, for improving the budget procedures and regulations in conformity with European standards.<\/p>\n

One of the novelties to appear in the nation’s new budget system will be the strategic planning of the budget for the medium-term period. The current Law on the Budget System and Budget Process, passed in 1996 and amended in 2000, stipulates that both revenue and expenditure sides, their realization and analysis are designed exclusively for 1 year, without whatever views for a longer perspective.<\/p>\n

The drafters will be using public finance legislation models used in other countries as well as the IMF Code of taxation transparency, and recommendations given by international experts and Moldova’s development partners.<\/p>\n

The MoF invites all interested sides to preparing this bill provided their proposals are profoundly substantiated. The Ministry welcomes such proposals at proiect.lfp@mf.gov.md.<\/p>\n

Infotag’s dossier: Since April 2010, the Moldovan Ministry of Finance has been preparing, with the World Bank’s assistance, yet another strategic-importance document pertaining to the country’s budget planning – a universal methodology of budget elaboration, which is to come into effect from January 1, 2011, and which presupposes a complex-like and consistent preparation of both medium-term forecasts and annual budgets through a given year. The document contains the notion of ‘a budget frame for a medium-term period’, which is a set of data in the perspective of the forthcoming budget year and of subsequent 2 years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>The Moldovan Ministry of Finance is drafting a Law on Public Finance, which is to replace the current Law on the Budget System and Budget Process.<\/p>\n","protected":false},"author":3,"featured_media":261602,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-261603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The Moldovan Ministry of Finance is drafting a Law on Public Finance, which is to replace the current Law on the Budget System and Budget Process. The MoF presumes the drafting will last till mid-2011, bearing in mind that the Law on the 2012 State Budget will be adopted already on the basis of the new organic law on public finance.<\/p>\n

The MoF drafters are saying the new law is conditioned by the need for a complex-like and unified managing of the public finance, for improving the budget procedures and regulations in conformity with European standards.<\/p>\n

One of the novelties to appear in the nation’s new budget system will be the strategic planning of the budget for the medium-term period. The current Law on the Budget System and Budget Process, passed in 1996 and amended in 2000, stipulates that both revenue and expenditure sides, their realization and analysis are designed exclusively for 1 year, without whatever views for a longer perspective.<\/p>\n

The drafters will be using public finance legislation models used in other countries as well as the IMF Code of taxation transparency, and recommendations given by international experts and Moldova’s development partners.<\/p>\n

The MoF invites all interested sides to preparing this bill provided their proposals are profoundly substantiated. The Ministry welcomes such proposals at proiect.lfp@mf.gov.md.<\/p>\n

Infotag’s dossier: Since April 2010, the Moldovan Ministry of Finance has been preparing, with the World Bank’s assistance, yet another strategic-importance document pertaining to the country’s budget planning – a universal methodology of budget elaboration, which is to come into effect from January 1, 2011, and which presupposes a complex-like and consistent preparation of both medium-term forecasts and annual budgets through a given year. The document contains the notion of ‘a budget frame for a medium-term period’, which is a set of data in the perspective of the forthcoming budget year and of subsequent 2 years.<\/p>\n

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