The budget of Ukraine and the process of its adoption: what you need to know

19 September 2017, 11:44 | Ukraine
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The budget (state budget) is the most important financial document of the country, which is the totality of estimates of all state bodies and institutions, programs and other anticipated expenditures. Also, the budget text necessarily indicates the size of the public debt and plans to increase or decrease it in the coming fiscal year. In Ukraine, the budget is established by a special law that is developed by the Cabinet of Ministers and adopted by the Verkhovna Rada on the eve of the beginning of a new fiscal year (beginning on January 1 and ending on December 31). The budget process is an activity that results in the adoption of a budget law. It is attended not only by the Cabinet and the Verkhovna Rada, but only for them in the Constitution of Ukraine there are clear terms. So, the Cabinet of Ministers on September 15 is required to submit a draft law. It is worth noting that for the second year the Cabinet has been coping with this task. Previously, the draft budget regularly became a "gift for the herringbone". In 2015, this victory was only a formal one - the draft budget-2016 was introduced to the Rada on time, but immediately recalled for revision back to the Cabinet. Budget-2018, according to the promises of the head of the Cabinet, should not be called for revision and will be understandable for every Ukrainian. In this case, before October 20, the Verkhovna Rada will have to hold the first, and until November 20 - and the second reading. In the first reading, ideally, the Verkhovna Rada should vote for the adoption of the draft budget as a whole, and also approve by voting Budgetary conclusions. Budgetary conclusions of the Verkhovna Rada consist of the results of discussions of the draft law and proposals for amendments. It is in view of the Budgetary Conclusions that the draft law on the budget is being prepared for the second reading. In the second reading, a second vote is taken for the draft law as a whole. And if after the introduction of amendments the draft law is adopted, people's deputies can already vote and for passing the law on the budget. The third reading, if necessary, should take place no later than November 25. The deadline for the adoption of the law on the budget of Ukraine - December 1. The content of the budget law is standard. It is established by the Budget Code of Ukraine. So the budget must include: macroeconomic indicators: - the total amount of income and the total amount of expenditures (divided into general and special funds, as well as the distribution of current and capital expenditure);.

- the maximum annual deficit (or surplus, but the budget revenues of Ukraine rarely exceed its expenditures) in the future budget period;.

- the size of the public debt and plans for its increase or decrease, including through the attraction or repayment of external loans;.

- projected inflation and the national currency of Ukraine;.

- forecast growth or decline in GDP;.

- expected dynamics of imports and exports; social standards: - subsistence level;.



- the size of the minimum wage;.

- the amount of the minimum pension; the volume of revenues from taxes and excises; the volume of financial resources of local budgets; the purpose of spending the budget: for example, education, military needs, government needs, and so on.. ; Additional Provisions Regulating the Process of Budget Execution.

Original article: The budget of Ukraine and the process of its adoption: what you need to know.

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