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Financial Management Law

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Financial Management Law Empty Financial Management Law

Post by claud39 on Tue May 28, 2019 8:01 am

Financial Management Law
 May 23, 2019
Supervisory Committee: Finance Committee
 

Financial Management Law

 

In the name of the people Presidency 

On the basis of what was approved by the House of Representatives and approved by the President of the Republic based on the provisions of Article (1) of Article (61) and Article (III) of Article (73) of the Constitution The following law was issued:
No. (2019) Law Federal Financial Management
Chapter I 
Definitions
Article (1)
The following terms for the purposes of this Law shall have the following meanings:
First President: President of the Republic, Speaker of the Council of Representatives, Prime Minister, President of the Supreme Judicial Council, President of the Federal Court, Head of the Public Prosecutor's Office, Minister, Head of the non-affiliated body, President of the Region Governorates and Governorates in respect of their respective expenditure units. Second: The federal budget: A financial plan that expresses the plans of the state to carry out programs and projects, including planning tables for estimating revenues and estimating expenditures in both current and investment for one fiscal year set out in the federal budget law.
Third: The final account of the state (the federal financial statements): The list of the financial position of the country (assets and liabilities) as at 31 December of each year, and the calculation of the result measurement which includes revenues, expenses and other statements for the year ended.
IV Current Expenditures: Amounts spent annually within the federal budget except investment expenditure.
Fifth: Investment expenditures: The amounts allocated for the purpose of establishing projects and programs or access to advisory services and fixed assets or development and capacity building that are included in the schedules of investment projects prepared by the State departments and approved by the Ministry of Planning adopted within the investment platform for the purpose of increasing production capacity or absorption or prolonging productive life Of the fixed asset.
VI Capital expenditure: The amounts allocated for the purchase or development of capital assets that are not included in the investment project and are included in the classification of current expenditures.
Seventh Emergency Reserve: The amounts approved within the federal budget law for the purpose of covering the emergency and unexpected expenses that come after the legislation of the federal budget law.
Eighth budget of the province or the budget of the province: Tables of estimation and guessing the expenses and revenues of the province and the province of irregular in the territory and is ratified by the Parliament of the Territory and the Council of the province and consolidated within the federal budget after federal discussion and approval of the ministries of finance and planning federal, each according to its competence.
Ninth fiscal year: The period during which the Federal Budget Law will be implemented and will start from 1 January and end on 31 December of the same year.
Tenth phase of the final accounts: The period after the fiscal year, which is intended to settle the suspended accounts that could not be settled during the previous financial year for the purpose of presenting the financial statements and does not contain transactions of actual receipt or payment and begins on the first day of the fiscal year following the budget year, / 1) of the same year.
(Eleventh) Accounting period: The period specified for the registration and settlement of all accounting restrictions for transactions arising from the application of the Federal General Budget Law and shall start from the date (1/1) of each year and end on (31/1) of the next fiscal year.
(Twelve)The Federal Government's bank accounts: One or more bank accounts are opened at the request of the Federal Ministry of Finance at the Central Bank of Iraq to deposit, withdraw, pay or transfer money belonging to the Government of the Republic of Iraq. The Federal Ministry of Finance shall be responsible for it and issue monthly statements thereon.
Thirteenth: The financial administration responsible for the accounts of government units centrally financed from the federal budget. The governorate treasury shall have a bank account linked to the Federal Ministry of Finance.
Fourteenth system of calculating the unified general treasury: a system managed by the Federal Ministry of Finance to consolidate cash balances in all bank accounts of ministries and non-linked bodies, and self-financed departments set by the Minister of Finance for the purposes of cash management and the Department of Accounting in the Federal Ministry of Finance is responsible for the administration and issuance Monthly reports about him.
Fifteen spending units: ministries and entities not associated with the Federal Ministry of the federal government and the administrative bodies of the federal and local government and the entities that allocate funds within the federal budget authorized to spend and collect revenue charged with collection according to the law.
Sixteen self-financed administrations: They include state-owned public corporations, public bodies and directorates that enjoy moral personality and financial and administrative independence and which rely on their own resources to finance their budgets.
(Seventeen)Oil and gas revenues: Revenues resulting from the sale of crude oil and its derivatives and gas locally and externally and to the full budget.
Chapter II 
Budget preparation 
Article 2 
The federal public budget shall consist of:
First, the budget of the government sector financed centrally, which includes the budgets of all spending units in both current and investment, which is determined by the Federal Budget Law.
Second: Expenditure of investment projects for self-financed departments.
Thirdly, the expenses and revenues of the region and the governorates not organized in a region.
Article 3 
First, the ministries of planning and finance starting from the month of March each year a report on the priorities of fiscal and strategic policy and the government program and the central recommendations of the trends of the federal budget of the state in terms of its components and size and distribution functionally and sectorally as well as the proposed foreign exchange report from the Central Bank of Iraq for ( 3) Three years or more and submit it to the Committee of Economic Affairs in the Council of Ministers at the beginning of April of the same year. The report includes the following: A) Macroeconomic forecasts for a period of three (3) years or more and their assumptions, including oil prices and production quantities. (3) three or more years in the government sector whose current and investment expenditures are financed centrally. C) Financial projections for three (3) consecutive years or more for public companies. Analysis of the foreign trade sector E. Target deficit, if any, in the federal budget and other financial indicators for a period of three (3) years or more. And the ceilings of the total expenditures in the federal budget for a period of (3) three years or more. G) Current and investment expenditure ceilings for each ministry or entity not connected to the Ministry for a period of three (3) years or more.
Second, the Committee of Economic Affairs in the Council of Ministers and the use of a number of experts from the ministries and the private sector to discuss the report provided for in item (I) of this article and submitted to the Council of Ministers at the end of April for approval and be the basis for the preparation of budgets for subsequent years.
Article 4 
First, the federal budget is based on the estimates of economic development and the pursuit of macroeconomic stability and sustainable development and economic policy and compatibility with the government program and the challenges facing the national economy and the risks expected to ensure the assessment of the financial situation in Iraq and reduce fluctuations in government spending and the efficient delivery of revenue collection in light of Moderate forecasts of oil prices, oil production, tax revenues, fees and other revenues.
Second, the annual budget shall start from (1/1) and end on (31/12) of the same year and the Federal Ministry of Finance shall prepare a medium term budget for a period of three (3) years, which shall be submitted once and shall commence. The first and final year shall be for the Council of Ministers upon the proposal of the Ministries of Planning and Finance Amended for the second and third years and with the approval of the House of Representatives.
Third, the two ministries of fiscal planning in May of each year shall prepare the guidelines in light of the objectives of the fiscal policy specified in the report adopted in accordance with the provisions of Article (3) of this law, clarifying the main economic parameters based on the national development plan, the realistic macroeconomic indicators, the necessary procedures and the timetable To prepare budgets for maximum current and investment expenditures for each unit of expenditure consistent with the report adopted in accordance with Article (3) of this law, and the form of preparation of estimates of current expenditures and investment projects stipulated in Article (5) of this law.
Article 5 
During the month of June, the spending units shall prepare their budget estimates and budgets of their respective formations and send them to the Federal Ministries of Finance and Planning, each according to the jurisdiction, including the following:
First, the estimates of their own revenues and estimates of expenditures, both current and investment.
Second, the administrative, economic, qualitative, functional and geographical classification tables or any other classification in the preparation of the federal general budget.
Thirdly, a copy of the initial report on its financial statements (final accounts) for the fiscal year ended and sent to the Federal Audit Bureau.
Article 6 
First: The Federal Ministry of Finance shall receive the proposed estimates for the current budget for the following year from the ministries and entities not connected to the Ministry, the Region and the Governorate which are not organized in a region and discussed according to a detailed schedule prepared for this purpose during the month of July of each year. Second, discuss the budget estimates with the concerned administration based on the objectives, programs and activities for which these amounts were requested to ensure that these estimates are consistent with the maximum limits stated in the report adopted in accordance with the provisions of Article (3) of this law.
Third, the Federal Ministry of Planning is responsible for preparing the detailed bases for estimating the cost of the investment projects, the size of their operating expenses and the economic feasibility of them over the course of their ages and discussing them with the ministries and entities not connected to the Ministry, the Region, the Governorate and the provincial councils that are not organized in the region. every year.
Fourth, the deficit in the planning budget should not exceed (3%) three percent of GDP.
Article 7
Ministries and entities not affiliated with the Ministry, the Region, the Governorate and the provincial councils that are not organized in a region shall be committed in preparing the estimates and estimates of the general budget by taking priorities and relative importance in light of the guidelines provided for in Article (3) of Article 4 of this Law.
Article 8 
The Federal Ministers of Planning and Finance shall submit to the Economic Affairs Committee or to the Council of Ministers at the beginning of August of each year the draft federal budget bill to study it and submit recommendations to the Council of Ministers in early September of each year, :
First, the financial policy document includes the following: A- The objectives and rules of the fiscal policy adopted in the preparation of the Federal Budget Law. (3) for three years or more in terms of oil price estimates, production and other budget financing resources and to the extent appropriate to the prevailing economic and financial conditions in Iraq. C) New policies included in the annual budget and their specific financial implications. D. Financial risks facing fiscal policy for the coming period, including analysis of macroeconomic risks arising from changes in oil price and production quantities. List all guarantees issued by the federal government. And the unified budgets of the region and governorates not organized in the province.
Second, the draft federal budget law includes the following: Estimates of cash and in-kind income. B) Estimates of cash and in-kind expenditures. (C) Ways of financing disability. (D) The emergency reserve for a financial year not exceeding 5% of the total estimated expenditure in the budget (both current and investment) for the emergency and unexpected situations that occur after the issuance of the Federal Budget Law. Determine the validity of approval for exchange, borrowing, transfers and debt cancellation. And the financial plan on short-term domestic and foreign loans and guarantees issued by the Federal Government and the province and the province of irregular in the province and public companies and report any change occurring to the Federal Ministry of Finance after reporting the province and the province of irregular in the province and public companies to determine the timing of issuance of approval of such loans Plan based on macroeconomic fundamentals and loan policy considerations. G The limits of the annual increase in the total debts of the federal government, the province and the province are not organized in the province and public companies. H. The maximum limit of guarantees to be issued by the federal government, the province and the governorate that are not organized in the province and public companies. I Any other requirements that the Federal Minister of Finance deems necessary.
Article 9 
The Ministry of Commerce, in coordination with the Central Bank of Iraq, shall prepare the foreign trade plan and discuss it with the ministries and entities not connected to the Ministry, the Region and the Governorate which are not organized in the Region and submit them to the Committee of Economic Affairs or replace them in the Council of Ministers for discussion and unification with the draft federal budget law within a month July of the budget year.

Article 10 
A- The Central Bank of Iraq prepares a report on the foreign exchange budget and the national money supply plan and submits it to the Economic Affairs Committee of the Council of Ministers for discussion and unification with the draft federal budget law during the month of July of the budget preparation year. (B) The Ministries of Planning, Labor and Social Affairs shall prepare the gender budget (the segments of the society) and discuss them with the Ministry of Finance to consolidate them with the draft federal budget law during the month of July of the year of preparing the budget. The Ministry of Planning prepares reports and detailed tables that include the contribution of the economic sectors in GDP, the rates of implementation of investment projects and inflation rates, consumer price indices, GDP, population by governorates, size of government imports to total imports and government measures to reduce poverty rates With the law of the federal budget during the month of July of the year of budget preparation. The Ministry of Finance prepares reports and detailed tables on internal and external indebtedness, government deposits, corporate deposits, funds, tax policies, expected revenues, target vessels, customs duties, border crossings, returns of state properties, treasury share of profits of public companies, Iraqi Fund for Foreign Development and Free Zones, The federal public during the month of July of the year of preparing the budget. The Ministry of Oil prepares reports and detailed tables on the quantities of oil produced, the source and the proportion of production costs to the oil revenues, the amounts allocated for the import of oil derivatives and the distribution mechanism, the volume of production and expected export of crude oil and oil derivatives for three consecutive years and accompanied with the Federal Budget Law during the month of July of the year Budget preparation.

Chapter III 
Budget approval 

Article 11
 

The Council of Ministers shall discuss the draft federal budget law and approve it and submit it to the Council of Representatives before the middle of October of each year.
Article 12
of the House of Representatives:
First, the transfer between the sections and chapters of the draft federal budget law sent by the Council of Ministers. Second: Reducing the total budget ceiling.
Thirdly, the Council of Ministers should increase the total budget expenditure. Fourth: the ratification of loans and sovereign guarantees and international conventions.
Article 13 
In the event of delay of the approval of the federal budget until 31 December of the year preceding the year of preparing the budget, the Minister of Finance shall issue the following articles:
First, disbursement by (1/12) (one twelfth) or less of the total actual expenditure of the current expenditure for the previous fiscal year after exclusion of non-recurrent expenses, on a monthly basis until the approval of the federal general budget.
Second: Disbursement from the total annual allocation of the continuous investment projects and the allocation of their allocations during the previous and subsequent fiscal year according to the completed or actual processing of the project. Third: In case of failure to approve the draft federal budget law for a particular financial year, the final financial statements for the previous year shall be considered the basis for the financial statements for this year and submitted to the House of Representatives for the purpose of approving them.
the fourth chapter
Budget implementation
Article 14 
First: The federal budget shall be implemented through funding payments and according to the estimate of the Ministry of Finance from the unified general treasury account based on the allocations stipulated in the federal general budget law according to the mechanism determined by the Ministry of Finance. B- The spending units shall not have the right to invest cash surplus in any form of investment such as lending or buying securities or deposit in the form of fixed deposits, savings or any other situation, unless there is a legal provision permitting them to do so.
Second, at the end of February of each year, each unit submits to the Ministry of Finance a renewed cash balance every three (3) months indicating its need for the funds required to be provided to the Ministry of Finance to provide it to cover the current and investment expenses of the departments.
Thirdly, the Minister of Finance may determine the spending ceilings in the light of the available funds, provided that at least 20% of the financial balance is maintained in the first period.
Article (15) 
First: No spending unit may exceed its allocations allocated in the Federal Budget Law on any of the disbursements and for any reason.
Second, the spending units should not enter into commitments that lead to overrun the allocations allocated to them in the Federal Budget Law.
Article 16 
First: A commitment may be entered into only after making sure that the necessary financial allocation is available. B) The spending unit shall pay the amounts owed by the date of the payment, and shall not be deferred to the following year. Second, the spending unit must obtain the approval of the federal planning and finance ministries before entering into a multi-year commitment, which requires the disbursement of amounts from the federal budget for a future financial year. Thirdly, the Ministry of Finance shall be the only body authorized to approve the release of cash for the current and capital expenditures of the spending units.
Article 17 
I. The advance account shall be used in the absence of fundamental documents that are enhanced by the final disbursement. B) The advance account may not be used for disbursement for any purpose unless the necessary allocation in the budget is available to cover the condition of the exchange.
Second, advances (prepayments) made by the spending unit in a given financial year must be settled during the same financial year. Otherwise, settlement of such payments requires allocations from the subsequent year's budget for settlement purposes.
Article 18 
First: The Ministry of Finance shall give its opinion on draft legislation that includes financial provisions.
Second, in the case of a law that requires spending on the budget should be applied from the following year in order to put the necessary allocation.
Article 19 
First: No disbursement shall be made unless it is based on a disbursement order issued by the superior president or by the head of the spending unit or his authorized representative.
Second, when the actual revenues exceed the estimates in the Federal Budget Law for the fiscal year, and after covering the actual deficit, if any surplus is available for use in the budgets of the following years in a sovereign fund.
Thirdly, the Council of Ministers, upon declaring a state of emergency, should submit to the House of Representatives a draft law to increase spending.
Article 20 
First: The Council of Ministers may use the contingency reserve to cover unexpected and emergency expenses incurred after the promulgation of the Federal Budget Law and approved by the Council of Ministers on the proposal of the Prime Minister or the Minister of Finance.
Second, the Federal Minister of Finance to submit a quarterly report to the Council of Representatives and the Council of Ministers on the use of emergency reserve allocations.
Third: The Federal Audit Bureau shall submit a quarterly report to the Chamber of Deputies, which includes the expenditure aspects of the emergency reserve allocations, with the technical opinion indicating whether it is considered an emergency or otherwise.
Article 21 - 
The Council of Ministers when necessary to submit a bill to amend the Federal Budget Law during the fiscal year.
Article 22 
First a. Expense allocations are used from January 1 to December 31 of the fiscal year. B) Income of centrally financed administrations received up to (31) of the fiscal year shall be recognized as final revenue for the account of the State Treasury for the same year. C. Income of centrally financed administrations received after the end of the fiscal year shall be credited to income for the fiscal year in which they were received.
Second: The provisions of paragraph (c) of Article (1) of this Article shall exclude the income due and not received during the financial year in which it was due to be credited to the Issuer's account after it was recorded by the debtor or the account of the income due and not received in the cases indicated below: A- Treasury share of public sector profits. B) Unearned oil revenues from sales during the year. C. Revenues from the sale of real estate. D. Any other revenues. The Minister of Finance considers the importance of including this provision.
Thirdly, the amounts actually due during the fiscal year shall be recorded in the accounts of that year. If this is not possible, the settlement shall be added to the accounts within the period of the final accounts.
Fourthly, the income of the centrally financed administrations from the various sources to the general budget, and no part of them may be deducted for any purpose. No amount may be allocated except through the budget and specific and precise disbursements.
Article 23
(a) The appropriations approved in the Federal General Budget may not be disbursed in any other than the fiscal year allocated to it and the allocations that have not been paid during the fiscal year allocated to it shall be discharged at the end of that year. B - The Federal Minister of Finance to reallocate the unspent amounts of ongoing investment projects in the provinces to the budget for the next fiscal year.
Article 24 
First, the amounts to be paid for services or works completed in a financial year and not disbursed during that year shall be recorded for substantial reasons determined by the Economic Affairs Committee of the Council of Ministers other than the reasons for the implementation of the allocations in the accounts for that year in which the payment is actually due. Secondly, the amounts that have already been disbursed in any fiscal year in the relevant account for that year shall be recorded, if they can not be recorded at the time, the settlement shall be carried out within the final accounts stage of that year.
Third, the net salaries that have not been submitted by the beneficiaries shall be returned to the Treasury. A secretariat shall be registered in their names in a special account to be opened in the accounts of the secretariats and the debts deducted from these salaries shall be paid to the entitled parties.
Fourth: Subject to the provisions of Article (3) of this Article: (A) Amounts due to be paid are payable in the fiscal year in which the payment is due and the amounts actually disbursed in a financial year are credited to the correct tab in that year's accounts. B. The amount of the order issued shall be recorded and the meritorious persons shall not review it for taking into account the accounts in the accounts and the income of the receivables. C. If the amount to be disbursed is allocated for one year and is not repeated, the Minister of Finance may instruct the transfer to the trust account to be disbursed upon review of the concerned parties.
Fifthly, the amounts due to be paid for completed projects or work or goods shall be recorded at the expense of the year in which they were due.
Sixthly, the Ministry of Finance shall disclose, through monthly and annual financial statements, the adoption of the accrual basis in the cases where it was approved and the cash flow statement shall be attached thereto.
Article - 25 - 
First - The Federal Minister of Finance authority to conduct transfers between the appropriations of the federal budget of the Republic of Iraq approved in the annual federal budget at the level of doors at the request of the spending units. Second: The competent minister or the head of the entity not connected to the Ministry or the Governor or the President of the Governorate Council shall have the authority to carry out transfers within their annual budget approved in the annual federal general budget from one disbursement unit to another disbursement unit thereof up to 10% The unit of spending monitored within the Federal Budget Law, which has been reduced allocations at the level of sections, chapters, materials, types and sequence of type and each case separately.
Thirdly, it is not permissible to conduct transfers in the following cases: a. Transfer of employee compensation allowances to the rest of the current expenses. B) Transfer from current expenditure to investment expenditure. C) Transfer from current expenditure to capital expenditure. D) Transfer from allocations of investment projects to allocations of current expenditures. E) Mobilization of allocations of regional development projects between governorates.
Fourthly, the Ministry of Finance shall be provided with the orders of transfers carried out on a monthly basis in accordance with the powers vested in them under the provisions of item (ii) of this Article.
Article (26) 
First, final revenues of the General Treasury shall include all debts and trusts whose owners have not reviewed for their redemption during (5) years from the date of the end of the financial year for which the need has ceased. The Minister of Finance may return it if it is proved to him that the non-review was a legitimate excuse and shall not be repeated after ten (10) years.
Second: The provisions of this Article shall be exempted from the debts which the Government, which is bound by bonds, agreements or treaties, shall follow its legal period.
Article 27 
First, taxes and fees collected shall be credited to the State Treasury.
Second, wages shall be fixed for the services provided by the State Departments by the Supreme President in accordance with the laws, regulations and regulations in force.
Thirdly, the State's imports shall be collected and its funds collected from specialized personnel and under the receipt of receipts determined by the Minister of Finance.
Fourthly, all imports, including donations and donations, shall be recorded as final revenues in the accounts. The collection and administration expenses and all the expenses thereof shall be deducted from the expenses of a final bank in the accounts. In no case shall any part of the expenses be deducted from the original income. Honestly follow its instructions. Fifth, the Ministry of Finance to reduce the amounts resulting from non-transfer of ministries or the province or provinces that are not organized in the region of oil and gas revenues and other annual funding.
Article 28 
First: The Minister of Finance shall announce the closing date of the final accounts for the financial year ending not exceeding (31/1) of the following year.
Second, the spending units and self-financed departments submit their final accounts to the Federal Financial Control Bureau no later than the end of March of the following year.
Third: The Federal Audit Bureau shall issue its report on the final accounts provided for in item (2) of this Article by the end of June of the following year.
Article 29. 
The following financial revenues shall be credited to the Governorate (including the governorates of the Region):
1- 50% of the federal fees and taxes collected from the centrally funded departments in the governorate, except for the amounts collected from tax revenues and customs fees.
2- The province's share of the revenues of the border ports and the petro-dollar.
3- Local revenues obtained and local legislations issued by the provincial council.
Chapter V 
Supervision and auditing
Article 30 
The Minister of Finance shall be responsible for the accounts relating to all receipts and payments made in all ministries and entities not connected to the Ministry, Territory and Governorate which are not organized in the territory belonging to the federal general budget and shall monitor their financial and accounting transactions in the manner specified by the Ministry of Finance.
Article 31 
First a. The financial departments in the ministries and entities not connected to the Ministry and the province and the province are not organized in the province and the provincial council, administratively with their respective bodies and a technician in the Ministry of Finance. B) The Treasury Department in the province shall be technically affiliated with the Federal Ministry of Finance and shall be responsible for the accuracy of its financial and accounting transactions.
Second, the control and internal audit teams operating in the spending units are all technically affiliated with the Federal Ministry of Finance.
Thirdly, if there is a dispute between the ordering officer and the employee in charge of the exchange, he shall decide on a written order issued by the ordering officer. The control and internal audit bodies shall inform the Federal Audit Bureau of the opinion of the parties within fifteen (fifteen) days from the date of the payment order.
Article 32 
First: Each document shall contain the approval of the Exchange Supervisor and the signature of the employee responsible for the exchange and the auditor. None of the three parties may replace the other and act in his capacity.
Second, the Exchange Order may not approve its exchange documents unless it is the supreme head of the Department. Thirdly, the Minister of Finance shall determine the accounting standards for ministries and entities not connected with the Ministry, Territory and governorates not organized in a region in accordance with internationally and locally accepted accounting standards.
Fourth, the Minister of Finance shall prepare the tables of accounts for the federal budget and the forms of documents, circulate them and publish them among the spending units to work under them.
Fifth: The Federal Audit Bureau shall issue the government accounting guide, the centrally funded departments and the unified accounting system for the self-financed departments or the system to be replaced.
Article (33) 
The Ministry of Finance shall be responsible for the organization, administration, implementation and control of the budget and supervision of the Treasury in matters stipulated in this Law.
Article 34 
First: The spending units shall submit their monthly financial statements to the Ministry of Finance within the first ten days of the following month for the purpose of auditing and unifying them with the rest of the State accounts. B) The Ministry of Finance shall prepare preliminary financial statements every four months submitted to the Council of Ministers and to the Council of Representatives.
Second: a. The financial statements of the spending units and the final final statement shall be audited by the Federal Audit Bureau. B- The financial statements of the spending units and the final statement of the region shall be audited by the Financial Control Bureau in the Region in coordination with the Federal Financial Control Bureau.
Thirdly, the Minister of Finance shall submit the Federal Financial Statements by the end of March of the following year to the Federal Audit Bureau in the light of the requirements determined by the Audit Bureau. The Federal Financial Control Bureau shall prepare a report on the federal financial statements submitted to the Federal Minister of Finance on September 15th to be sent to the Economic Affairs Committee or to be reviewed by the Council of Ministers for submission to the Council of Representatives before the 30th of September for discussion and approval. The report shall be published by the Council of Representatives in the Official Gazette and on the official websites of the Ministry of Finance and the Council of Ministers.
Fourth: The federal financial statements are prepared according to the content and classifications of the local and international accounting standards including the following: a. Report of the Federal Audit Bureau. B. The opening and closing balance of the consolidated treasury account and a summary of the movement of the account during the financial year. C) Determination of the differences between the revenues received and the actual expenses and the appropriations. Dr.. A report on all federal government loans for the fiscal year and total external and internal debt, including unpaid Iraqi treasury remittances, including late payments. Report on expenditure from emergency reserve. And a report on guarantees issued by the federal government during the fiscal year. G) A report submitted by the Minister of Finance on all loans and guarantees issued by the Region and the province that are not organized in the province and the governorate council. H Amounts outstanding for investment contracts. Deductions due to contracts. Credits and letters of guarantee for which the funds have been allocated and whose goods, goods and services have not been received. As the profits of international contributions of its undistributed and undisclosed types. To report subsidies, donations, grants and grants. M. Disclosure of investment projects and financial achievement ratios distributed sectorally, geographically and administratively. N. Disclosure of investment projects prepared by the Ministry of Planning, showing the percentage of physical (technical) distribution sectorally, geographically and administratively. O Statements of the titles of the advances and trusts. Disclosure of the financial position and disclosure of revenues and expenses. Any statements and schedules required by the financial statements.
Chapter six
Management of oil revenues
Article 35 
Oil revenues shall include the following:
First total total revenues of public companies from sales of domestic and foreign crude oil and crude oil and gas products. Second, all amounts arising from oil and gas contracts executed by the international oil companies. Thirdly, the treasury share of profits of public companies executing oil and gas operations.
Article 36 
Revenues derived from the sale of crude oil and gas derived from the exported gas and revenues of the federal government and the amounts paid to explore the sources of oil and any amounts arising from the investment of funds in the account of oil and gas revenues, is in the federal budget under an account called the calculation of oil and gas revenues.
Article 37 
First, all oil and gas revenues shall be deposited in bank accounts opened specifically for the oil and gas revenues from the Minister of Finance. The amounts arising from the investment of the surplus shall be deposited from the account of oil and gas revenues in the bank accounts opened specifically for the oil and gas revenues.
Second, the exchange of the proceeds of oil and gas only to finance allocations of the federal budget or to invest surplus and requires the exchange of account revenues of oil and gas to public companies to cover the cost of oil and gas operations of the allocations of the federal budget.
Thirdly, the exchange shall be from the account of the revenues of oil and gas signed by the Minister of Finance and two employees, at least two degrees from a general director chosen by the Minister of Finance and not authorized to authorize others.
Fourth, the surplus of the account of oil and gas revenues may be invested in credible financial assets.
Fifth: Subject to the provisions of Article IV of this Article, the Ministry of Finance shall: Prepare the investment policy for the excess of the oil and gas revenues account and submit it to the Council of Ministers for approval Review the investment policy at least once every 6 months. C) Excess investment of the account of oil and gas revenues through the Central Bank of Iraq or government banks according to the investment policy.
Sixth: The Ministry of Finance shall prepare the financial statements for the calculation of the revenues of oil and gas in accordance with international and national accounting standards and the necessary records.
Seventh, the oil and gas revenue account is audited by an internationally recognized external auditor and the Federal Financial Control Bureau.
Article 38 
First: The Minister of Finance shall submit to the Chamber of Deputies and the Committee for Economic Affairs or whatever replaces them in the Council of Ministers as follows: A detailed report on the account of the oil and gas revenues, including the opening balance and closing balance of the said account, the basic assets and the summary of movements on the activity within three weeks from the end of each month. (B) the results of the quarterly audit on the status of investments before the end of the month following the end of each chapter. C. The report of the Federal Financial Supervisory Board on the financial statements for each year that details the movement of funds for the account of oil and gas revenues.
Second: The Economic Affairs Committee shall study the reports provided for in item (1) of this Article and submit them to the Council of Ministers. Thirdly, each of the public companies engaged in activities related to oil and gas shall submit to the Minister of Finance and the Minister of Oil within (1) one month after the end of every three (3) months of the year a report containing quantities and amounts of all production, sale and export of oil and gas, In cash or in kind during this period. The Minister of Finance shall prepare a report of conformity submitted to the Council of Ministers within (1) one month from the date of submission of the reports provided for in item (3) of this Article, showing the results of conformity of reports of public companies with reports of the calculation of oil and gas revenues for this period.
seventh chapter 
Loans and guarantees
Article 39 
First, the Minister of Finance may borrow locally or externally short-term loans or issue treasury transfers and financial bonds to cover the deficit in the federal budget within the maximum limits stipulated in the federal general budget law. He may authorize the Central Bank of Iraq to issue and manage remittances and treasury bonds. Any other ministry or non-linked entity may borrow from any source or withdraw from its bank account.
Second: The Minister of Finance and with the approval of the Prime Minister to issue guarantees within the maximum limits stipulated in the Federal Budget Law. B. The guarantees provided for in paragraph (a) of this section include guarantees for loans, debts, letters of credit, corresponding guarantees, credit commitments and other emergency credit facilities.
Thirdly, the Minister of Finance may charge the beneficiaries of the guarantees determined according to the level of credit risk. B) The federal budget shall include allocations reserved for the guarantees provided for in paragraph (a) of this item, which require payment.
Article 40 
First of the province and the province is not organized in the province after the approval of the Minister of Finance access to local loans and the issuance of guarantees within the limits of the debts stipulated in the Federal Budget Law and the limits of debt assessed for each unit in accordance with the allocations approved by the Council of Ministers on the recommendation of the Federal Minister of Finance.
Second, the region and the province that are not organized in the region and public companies in July of each year estimates the total of the loans not recovered and the loans to be obtained in the next fiscal year for review and approval by the Federal Minister of Finance.
Thirdly, the province and the governorate, which is not organized in a region, shall submit a monthly report to the Federal Minister of Finance in respect of non-settled loans and issuance of loan guarantees issued.
Article 41 
First: The Council of Ministers shall establish limits for loans and guarantees issued by the Region and the province which are not organized in the territory and public companies.
Second: The Ministry of Finance shall guarantee the guarantees provided for in item (1) of this Article provided that they are from the allocations of the borrowers mentioned in the Federal Budget Law.
Article 42 
The Minister of Finance shall sign the loans and security contracts relating to the Federal Government and contract with the Central Bank of Iraq and authorize him to issue the securities.
Article 43 
First, the Federal Ministry of Finance shall keep a record of the debts and guarantees of the Federal Government.
Second, the province and the province that are not organized in the region and public companies shall keep the register of debts and local loans granted to them, short term loans and guarantees issued to the province and the province that are not organized in the province and public companies and provide the updated record on this information at the end of each month to the Ministry of Finance.
Article 44 
The Federal Minister of Finance shall submit a consolidated report on government debts within 30 days from the date of the end of the fiscal year to the Council of Representatives and the Council of Ministers.
Chapter VIII 
Budgets of self-financed departments
Article 45 
First: A- The self-financed administrations shall prepare their proposed budget after the approval of their director and the competent minister, including the current revenues and expenses, interest, profits, losses, investment expenses, cash liquidity, loans, grants, transfers, potential entitlements, profits and losses including guarantees and budget disclosure, September 15 of each year for review, unification and ratification. B. The Ministries of Planning and Finance shall submit a detailed report to the Economic Affairs Committee of the Council of Ministers during the month of October of each year, together with the draft federal budget law. The Minister of Finance shall take into account the independence of the operations carried out by public administrations.
Secondly, the budget of the self-financed administrations is not included in the budget of the federal government, nor is it included in the budget of any other government body except for its centrally funded investment projects.
Thirdly, the self-financed administrations will submit on 15 September 15th the estimates of the total short-term loans and soft loans and will be added to the next fiscal year for approval by the Minister of Finance. B) Self-financed administrations submit a monthly report to the Minister of Finance regarding the total amount of loans and short-term loans within ten (10) days from the end of each month. C The guarantees provided by the Federal Government in respect of the loans of self-financed administrations shall be in accordance with the law and shall appear in the final accounts of the State.
Fourth departments provide a self-funded accounts monthly within (10) days of ten days from the end of each month to the competent ministry has to submit semi-annual accounts to the Ministers of Planning and Finance federated submitted no later than (15), the fifteenth of July. B on all funded departments self to submit the final audited accounts to the Federal Minister of Finance submitted no later than 31 May of the year following the fiscal year ended include the final accounts revealed the budget and profit and loss and cash flow data cover final accounts including bills accounting, revenues, expenses, assets and advances Receivables, including loans, obligations and contingencies. C) The final accounts shall be prepared in accordance with the local and international accounting and auditing rules and standards and shall be audited by the Federal Financial Control Bureau.
Fifthly, the competent minister or the head of the entity not related to the Ministry of the necessary amendments to the budget of the self-financed administrations, the proposal of the Board of Directors or its Director General in the absence of a Board of Directors that these amendments lead to an increase in productivity and improve the financial and economic status for the end of the fiscal year. To inform the Ministry of Planning and Finance federated these amendments if adopted by the competent minister or head of the ministry is not associated with the exception of modifications that occur to self-funded departments that receive a grant from the public treasury account requires obtaining the approval of the Federal Minister of Finance will.
Chapter IX 
Powers to write off debts and assets
Article 46 
First: The Minister of Finance may write off the debts of the centrally financed departments, which prove impossible to collect after exhausting the legal methods within the limits set by the Council of Ministers.
Second, the Minister of Finance shall waive the right of the Government to collect or pay the amount due Or delay its payment within the limits set by the Council of Ministers.
Thirdly, the Minister of Finance shall inform the Council of Ministers of any amount that has been written off, waived, paid or postponed, and the reasons for cancellation, waiver, delay and installment shall be reported together with the final report and the final annual accounts of the Federal General Budget.
Fourthly, the competent minister and the supreme head of the entity not connected with the Ministry of the power to write off the lost, damaged and damaged assets for any reason, including due to normal use, and determine their authority according to instructions issued by the Council of Ministers.
Fifth: The Council of Ministers has the power to write off debts and assets that exceed the value of the Minister of Finance or the competent minister.
Sixth Council of Ministers with the exception of the authority provided for in item (iv) of this Article shall write off lose or damage of funds and state property as a result of emergency conditions or unusual after verifying the validity of actions taken be identified, evaluated and provided by the Minister of Finance in coordination with the Supreme Head.
Seventh, the delisting shall not prevent the use of legal methods in securing the rights of the Treasury from the cause of loss or damage.
Eighth: The Minister of Finance and the Supreme President shall be entitled to write off the debts that can not be legally collected and the damaged, lost and damaged assets owned by the public companies and its self-financed departments. Ninth of the Council of Ministers the power to write off debts and assets belonging to public companies and self-financing departments that exceed the value of the Minister of Finance.
X. The financial powers to write off shall be determined by a decision of the Council of Ministers. Regulate the cancellation procedures and accounting treatments with instructions issued by the Minister of Finance.
Article 47 
Based on the requirements of the supreme interest of the Supreme President:
First, the grant of cash or in-kind remuneration or the purchase of materials to give it to the limits set out in the instructions of implementation of the Federal Budget Law. .
Second: Giving the assets transferred to the ministries and entities not associated with the Ministry of borders that are contained in the instructions to implement the Federal Budget Law
Article 48 
First: The Minister of Finance shall determine the forms and forms of documents of arrest, dues, daily documents and accounting, financial and statistical records pertaining to them which are held in all centrally funded spending units to control and record financial, accounting and electronic transactions in coordination with the relevant authorities.
Second, each transaction shall be supported by the documents provided for in item (1) of this Article and shall be reinforced by receipts taken from the concerned parties.
Thirdly, the exchange may not be accepted on the basis of personal certificates except with the approval of the Supreme President and the Minister of Finance in the necessary conditions to strengthen the final expenses by the limits set forth in the instructions of implementation of the Federal Budget Law.
Article 49 
First of the unit of spending or self-financed administrations open a current account with a government or private bank and according to the credit rating of the bank to be determined by the Central Bank of Iraq.
Second, the Department of Accounting in the Ministry of Finance request the bank to send a statement of account in respect of any bank account for any spending unit or any self-financed administration.
Third: The Accounting Department of the Ministry of Finance may ask the bank to close the bank account of any self-financed spending unit or administration if the bank account is opened in contravention of the provisions of this article.
Chapter X 
Transparency
Article 50 
First, all spending units shall comply with the basic principles and criteria of transparency of the public budget and disclose the mechanisms for collecting and spending public funds and providing them with sufficient data, information, documents and reports on their financial and administrative activities (both past, present and future) in a systematic and timely manner and disseminating them on their websites.
Second, the topics to be published on the website of the Ministry of Finance or other government websites: A report approved by the Council of Ministers under the provisions of Article (3) of this Law. B) Financial statements and proposed budget approved by the Council of Ministers. C. Budget approved by the House of Representatives. D- The financial policy document stipulated in item (1) of Article (8) of this law. E Detailed estimates of cash and in-kind income and current and investment expenditure per unit of expenditure. And the policy of investment surplus account of oil and gas revenues approved by the Council of Ministers. The detailed monthly report on the calculation of oil and gas revenues. The quarterly audit results from each year of the investment situation for the account of oil and gas revenues. I) Annual financial statements for calculating oil and gas revenues. Report of the Financial Control Bureau. Reports of public companies that carry out oil and gas operations and are provided under the provisions of Article (III) of Article (38) of this law. The reports of settling the oil and gas revenues stipulated in Article (IV) of Article (38) of this law. The government accounting manual and the monthly reports on the implementation of the federal budget and the preliminary financial statements for each (4) months stipulated in item (1) of Article (34) of this law. O Updated list of all self-financed administrations, reports and financial statements prepared during the year, final financial statements, and the opinion of the Federal Financial Control Bureau and the budget of the citizen. Chapter XI General and final provisions
Article 51 
First, abide by the principles of the budget (transparency of the budget, the comprehensiveness of the budget, the budget unit, the annual budget and the principle of non-reallocation).
Second, all revenues for centrally financed units are transferred exclusively to the federal public treasury.
Article 52 
Ministries and entities not affiliated with the Ministry, Territory and Governorate that are not organized in the province and the governorate council shall issue statistical tables for the financial statements of their formations whether they are centrally or self-financed.
Article 53 
The Ministers of Planning and Finance may choose any type of budget preparation according to the modern rules, in accordance with the requirements of the stage and provide the necessary means.
Article 54
The Council of Ministers shall issue instructions to facilitate the implementation of the provisions of this Law.
Article (55) 
of the Law of Accountancy Law No. (28) for the year 1940 and Appendix A of the Financial Management issued under the Coalition Provisional Authority Order (dissolved) No. 95 of 2004 shall be repealed and Appendix B of the General Debt shall remain in force until a special law is superseded And does not act in any law contrary to the provisions of this law.
Article 56 
This Law shall be published in the Official Gazette and shall come into effect from the financial year following its promulgation.
Positive reasons
For the purpose of regulating the rules and procedures governing the financial and accounting management in the field of planning, preparation, implementation, control and auditing of the federal budget and directing all federal revenues to the public treasury to cover public expenditure and determine the link between the internal control units from the administrative and technical aspects and the mechanisms related to the implementation of budgets and the commitment of each implementing agency and determine the responsibility of the Ministry In addition to setting specific dates for the submission of audit balances and final accounts and adherence to the principles of the budget (transparency of the budget and the comprehensiveness of the budget and the budget unit) Annual budget) in the preparation and implementation of the federal budget and related matters in order to ensure macroeconomic stability and financial stability and strengthen the allocation of budget resources and improve the efficiency and effectiveness of spending and ensure the management of cash and optimize the quality of budget information submitted to the House of Representative
s and the public.

This law was enacted
claud39
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Financial Management Law Empty Re: Financial Management Law

Post by Jayzze on Tue May 28, 2019 8:09 am

has this law been put into the gazette yet?if so where and when
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Financial Management Law Empty Financial Management Law

Post by claud39 on Tue May 28, 2019 12:21 pm

@Jayzze wrote:has this law been put into the gazette yet?if so where and when

http://ar.parliament.iq/2019/05/23/%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9/




[size=32]Financial Management Law[/size]

 May 23, 2019
Supervisory Committee: Finance Committee

Financial Management Law



Financial Management Law %D8%A7%D9%84%D8%B5%D8%A7%D8%AF%D8%B1%D8%A9-800x445









On behalf of the people of the
Presidency of the Republic
based on what passed the House of Representatives and approved by the President of the Republic , based on the provisions of item (i) of Article (61) and item (iii) of Article 73 of the Constitution ,
issued the following law:
No. () of the 2019
Act of the
Federal Financial Management
CHAPTER I
DEFINITIONS
Article 1 The following terms for the purposes of this Law shall have the following meanings:
First President: President of the Republic, Speaker of the Council of Representatives, Prime Minister, President of the Supreme Judicial Council, President of the Federal Court, Head of the Public Prosecutor's Office, Minister, Head of the non-affiliated body, President of the Region Governorates and Governorates in respect of their respective expenditure units.
Second: The federal budget: A financial plan that expresses the plans of the state to carry out programs and projects, including planning tables for estimating revenues and estimating expenditures in both current and investment for one fiscal year set out in the federal budget law.
Third: The final account of the state (the federal financial statements): The list of the financial position of the country (assets and liabilities) as at 31 December of each year, and the calculation of the result measurement which includes revenues, expenses and other statements for the year ended.
IV Current Expenditures: Amounts spent annually within the federal budget except investment expenditure.
Fifth: Investment expenditures: The amounts allocated for the purpose of establishing projects and programs or access to advisory services and fixed assets or development and capacity building that are included in the schedules of investment projects prepared by the State departments and approved by the Ministry of Planning adopted within the investment platform for the purpose of increasing production capacity or absorption or prolonging productive life Of the fixed asset.
VI Capital expenditure: The amounts allocated for the purchase or development of capital assets that are not included in the investment project and are included in the classification of current expenditures.
Seventh Emergency Reserve: The amounts approved within the federal budget law for the purpose of covering the emergency and unexpected expenses that come after the legislation of the federal budget law.
Eighth budget of the province or the budget of the province: Tables of estimation and guessing the expenses and revenues of the province and the province of irregular in the territory and is ratified by the Parliament of the Territory and the Council of the province and consolidated within the federal budget after federal discussion and approval of the ministries of finance and planning federal, each according to its competence.
Ninth fiscal year: The period during which the Federal Budget Law will be implemented and will start from 1 January and end on 31 December of the same year.
Tenth phase of the final accounts: The period after the fiscal year, which is intended to settle the suspended accounts that could not be settled during the previous financial year for the purpose of presenting the financial statements and does not contain transactions of actual receipt or payment and begins on the first day of the fiscal year following the budget year, / 1) of the same year.
Accounting period: The period specified for the registration and settlement of all accounting restrictions for transactions arising from the application of the Federal General Budget Law and shall start from the date (1/1) of each year and end on (31/1) of the next fiscal year.
The Federal Government's bank accounts: One or more bank accounts are opened at the request of the Federal Ministry of Finance at the Central Bank of Iraq to deposit, withdraw, pay or transfer money belonging to the Government of the Republic of Iraq. The Federal Ministry of Finance shall be responsible for it and issue monthly statements thereon.
Thirteenth: The financial administration responsible for the accounts of government units centrally financed from the federal budget. The governorate treasury shall have a bank account linked to the Federal Ministry of Finance.
Fourteenth system of calculating the unified general treasury: a system managed by the Federal Ministry of Finance to consolidate cash balances in all bank accounts of ministries and non-linked bodies, and self-financed departments set by the Minister of Finance for the purposes of cash management and the Department of Accounting in the Federal Ministry of Finance is responsible for the administration and issuance Monthly reports about him.
Fifteen spending units: ministries and entities not associated with the Federal Ministry of the federal government and the administrative bodies of the federal and local government and the entities that allocate funds within the federal budget authorized to spend and collect revenue charged with collection according to the law.
Sixteen self-financed administrations: They include state-owned public corporations, public bodies and directorates that enjoy moral personality and financial and administrative independence and which rely on their own resources to finance their budgets.
Oil and gas revenues: Revenues resulting from the sale of crude oil and its derivatives and gas locally and externally and to the full budget.
Chapter II
Budget preparation
Article 2 The federal public budget shall consist of:
First : the budget of the government sector financed centrally, which includes the budgets of all spending units, both current and investment, determined by the Federal Budget Law.
Second: Expenditure of investment projects for self-financed departments.
Thirdly, the expenses and revenues of the region and the governorates not organized in a region.
Article 3 First, the ministries of planning and finance starting from the month of March each year a report on the priorities of fiscal and strategic policy and the government program and the central recommendations of the trends of the federal budget of the state in terms of its components and size and distribution functionally and sectorally as well as the proposed foreign exchange report from the Central Bank of Iraq for ( 3) Three or more years and submit it to the Economic Affairs Committee of the Council of Ministers at the beginning of April of the same year. The report includes the following:
a macro - economic forecasts for a period of three (3) years following or more and assumptions, including oil prices and as Yat production.
Forecasts of revenues and expenditures for a period of three (3) years or more in the government sector, For its current and investment expenditures.
C) Financial projections for three (3) consecutive years or more for public companies.
D. Analysis of the foreign trade sector
e The target deficit, if any, in the federal budget and other financial indicators for a period of three (3) years or more.
And the ceilings of the total expenditures in the federal budget for a period of (3) three years or more.
G) Current and investment expenditure ceilings for each ministry or entity not connected to the Ministry for a period of three (3) years or more.
Second, the Committee of Economic Affairs in the Council of Ministers and the use of a number of experts from the ministries and the private sector to discuss the report provided for in item (I) of this article and submitted to the Council of Ministers at the end of April for approval and be the basis for the preparation of budgets for subsequent years.
Article 4 First, the federal budget is based on the estimates of economic development and the pursuit of macroeconomic stability and sustainable development and economic policy and compatibility with the government program and the challenges facing the national economy and the risks expected to ensure the assessment of the financial situation in Iraq and reduce fluctuations in government spending and the efficient delivery of revenue collection in light of Moderate forecasts of oil prices, oil production, tax revenues, fees and other revenues.
Second, the annual budget shall start from (1/1) and end on (31/12) of the same year and the Federal Ministry of Finance shall prepare a medium term budget for a period of three (3) years, which shall be submitted once and shall commence. The first and final year shall be for the Council of Ministers upon the proposal of the Ministries of Planning and Finance Amended for the second and third years and with the approval of the House of Representatives.
Third, the two ministries of fiscal planning in May of each year shall prepare the guidelines in light of the objectives of the fiscal policy specified in the report adopted in accordance with the provisions of Article (3) of this law, clarifying the main economic parameters based on the national development plan, the realistic macroeconomic indicators, the necessary procedures and the timetable To prepare budgets for maximum current and investment expenditures for each unit of expenditure consistent with the report adopted in accordance with Article (3) of this law, and the form of preparation of estimates of current expenditures and investment projects stipulated in Article (5) of this law.
Article 5 During the month of June, the spending units shall prepare their budget estimates and budgets of their respective formations and send them to the Federal Ministries of Finance and Planning, each according to the jurisdiction, including the following:
First, the estimates of their own revenues and estimates of expenditures, both current and investment.
Second, the administrative, economic, qualitative, functional and geographical classification tables or any other classification in the preparation of the federal general budget.
Thirdly, a copy of the initial report on its financial statements (final accounts) for the fiscal year ended and sent to the Federal Audit Bureau.
Article 6 First: The Federal Ministry of Finance shall receive the proposed estimates for the current budget for the following year from the ministries and entities not connected to the Ministry, the Region and the Governorate which are not organized in a region and discussed according to a detailed schedule prepared for this purpose during the month of July of each year.
Second, discuss the budget estimates with the concerned administration based on the objectives, programs and activities for which these amounts were requested to ensure that these estimates are consistent with the maximum limits stated in the report adopted in accordance with the provisions of Article (3) of this law.
Third, the Federal Ministry of Planning is responsible for preparing the detailed bases for estimating the cost of the investment projects, the size of their operating expenses and the economic feasibility of them over the course of their ages and discussing them with the ministries and entities not connected to the Ministry, the Region, the Governorate and the provincial councils that are not organized in the region. every year.
Fourth, the deficit in the planning budget should not exceed (3%) three percent of GDP.
Article 7 Ministries and entities not affiliated with the Ministry, the Region, the Governorate and the provincial councils that are not organized in a region shall be committed in preparing the estimates and estimates of the general budget by taking priorities and relative importance in light of the guidelines provided for in Article (3) of Article 4 of this Law.
Article 8 The Federal Ministers of Planning and Finance shall submit to the Economic Affairs Committee or to the Council of Ministers at the beginning of August of each year the draft federal budget bill to study it and submit recommendations to the Council of Ministers in early September of each year,
First : The financial policy document includes the following:
A. The objectives and rules of the fiscal policy adopted in the preparation of the Federal Budget Law.
(3) for three years or more in terms of oil price estimates, production and other budget financing resources and to the extent appropriate to the prevailing economic and financial conditions in Iraq.
C) New policies included in the annual budget and their specific financial implications.
D. Financial risks facing fiscal policy for the coming period, including analysis of macroeconomic risks arising from changes in oil price and production quantities.
List all guarantees issued by the federal government.
And the unified budgets of the region and governorates not organized in the province.
Second, the draft federal budget law and includes the following:
a. Estimates of cash and in-kind revenues.
B) Estimates of cash and in-kind expenditures.
(C) Ways of financing disability.
(D) The emergency reserve for a financial year not exceeding 5% of the total estimated expenditure in the budget (both current and investment) for the emergency and unexpected situations that occur after the issuance of the Federal Budget Law.
Determine the validity of approval for exchange, borrowing, transfers and debt cancellation.
And the financial plan on short-term domestic and foreign loans and guarantees issued by the Federal Government and the province and the province of irregular in the province and public companies and report any change occurring to the Federal Ministry of Finance after reporting the province and the province of irregular in the province and public companies to determine the timing of issuance of approval of such loans Plan based on macroeconomic fundamentals and loan policy considerations.
G The limits of the annual increase in the total debts of the federal government, the province and the province are not organized in the province and public companies.
H. The maximum limit of guarantees to be issued by the federal government, the province and the governorate that are not organized in the province and public companies.
I Any other requirements that the Federal Minister of Finance deems necessary.
Article 9 The Ministry of Commerce, in coordination with the Central Bank of Iraq, shall prepare the foreign trade plan and discuss it with the ministries and entities not connected to the Ministry, the Region and the Governorate which are not organized in the Region and submit them to the Committee of Economic Affairs or replace them in the Council of Ministers for discussion and unification with the draft federal budget law within a month July of the budget year.
Article 10 A- The Central Bank of Iraq prepares a report on the foreign exchange budget and the national money supply plan and submits it to the Economic Affairs Committee of the Council of Ministers for discussion and unification with the draft federal budget law during the month of July of the budget preparation year.
(B) The Ministries of Planning, Labor and Social Affairs shall prepare the gender budget (the segments of the society) and discuss them with the Ministry of Finance to consolidate them with the draft federal budget law during the month of July of the year of preparing the budget.
The Ministry of Planning prepares reports and detailed tables that include the contribution of the economic sectors in GDP, the rates of implementation of investment projects and inflation rates, consumer price indices, GDP, population by governorates, size of government imports to total imports and government measures to reduce poverty rates With the law of the federal budget during the month of July of the year of budget preparation.
The Ministry of Finance prepares reports and detailed tables on internal and external indebtedness, government deposits, corporate deposits, funds, tax policies, expected revenues, target vessels, customs duties, border crossings, returns of state properties, treasury share of profits of public companies, Iraqi Fund for Foreign Development and Free Zones, The federal public during the month of July of the year of preparing the budget.
The Ministry of Oil prepares reports and detailed tables on the quantities of oil produced, the source and the proportion of production costs to the oil revenues, the amounts allocated for the import of oil derivatives and the distribution mechanism, the volume of production and expected export of crude oil and oil derivatives for three consecutive years and accompanied with the Federal Budget Law during the month of July of the year Budget preparation.
Chapter III
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Article 11 , the Council of Ministers shall discuss the draft law on the federal budget and approved and submitted to the House of Representatives before the middle of the month of October of each year.
Article 12 of the House of Representatives: -
First conduct the transfer between sections and chapters of the draft federal budget law sent by the Council of Ministers.
Second: Reducing the total budget ceiling.
Thirdly, the Council of Ministers should increase the total budget expenditure.
Fourth: the ratification of loans and sovereign guarantees and international conventions.
Article 13 In the event of delay of approval of the federal budget until 31 December of the year preceding the year of preparing the budget, the Minister of Finance shall issue the following:
First disbursement by (1/12) (one twelfth) or less of the total actual expenditures of current expenditures For the previous fiscal year excluding non-recurrent expenditures, on a monthly basis until the approval of the federal budget.
Second: Disbursement from the total annual allocation of the continuous investment projects and the allocation of their allocations during the previous and subsequent fiscal year according to the completed or actual processing of the project.
Third: In case of failure to approve the draft federal budget law for a particular financial year, the final financial statements for the previous year shall be considered the basis for the financial statements for this year and submitted to the House of Representatives for the purpose of approving them.
Chapter Four
Implementation of the budget
Article 14 First - A - The implementation of the federal budget through funding payments and according to the estimate of the Ministry of Finance from the account of the unified public treasury based on the allocations established in the federal budget law and according to the mechanism determined by the Ministry of Finance.
B- The spending units shall not have the right to invest cash surplus in any form of investment such as lending or buying securities or deposit in the form of fixed deposits, savings or any other situation, unless there is a legal provision permitting them to do so.
Second, at the end of February of each year, each unit submits to the Ministry of Finance a renewed cash balance every three (3) months indicating its need for the funds required to be provided to the Ministry of Finance to provide it to cover the current and investment expenses of the departments.
Thirdly, the Minister of Finance may determine the spending ceilings in the light of the available funds, provided that at least 20% of the financial balance is maintained in the first period.
Article (15) First: No spending unit may exceed its allocations allocated in the Federal Budget Law on any of the disbursements and for any reason.
Second, the spending units should not enter into commitments that lead to overrun the allocations allocated to them in the Federal Budget Law.
Article 16 First: A commitment may be entered into only after making sure that the necessary financial allocation is available.
B) The spending unit shall pay the amounts owed by the date of the payment, and shall not be deferred to the following year.
Second, the spending unit must obtain the approval of the federal planning and finance ministries before entering into a multi-year commitment, which requires the disbursement of amounts from the federal budget for a future financial year.
Thirdly, the Ministry of Finance shall be the only body authorized to approve the release of cash for the current and capital expenditures of the spending units.
Article 17 I. The advance account shall be used in the absence of fundamental documents that are enhanced by the final disbursement.
B) The advance account may not be used for disbursement for any purpose unless the necessary allocation in the budget is available to cover the condition of the exchange.
Second, advances (prepayments) made by the spending unit in a given financial year must be settled during the same financial year. Otherwise, settlement of such payments requires allocations from the subsequent year's budget for settlement purposes.
Article 18 First: The Ministry of Finance shall give its opinion on draft legislation that includes financial provisions.
Second, in the case of a law that requires spending on the budget should be applied from the following year in order to put the necessary allocation.
Article 19 First: No disbursement shall be made unless it is based on a disbursement order issued by the superior president or by the head of the spending unit or his authorized representative.
Second, when the actual revenues exceed the estimates in the Federal Budget Law for the fiscal year, and after covering the actual deficit, if any surplus is available for use in the budgets of the following years in a sovereign fund.
Thirdly, the Council of Ministers, upon declaring a state of emergency, should submit to the House of Representatives a draft law to increase spending.
Article 20 First: The Council of Ministers may use the contingency reserve to cover unexpected and emergency expenses incurred after the promulgation of the Federal Budget Law and approved by the Council of Ministers on the proposal of the Prime Minister or the Minister of Finance.
Second, the Federal Minister of Finance to submit a quarterly report to the Council of Representatives and the Council of Ministers on the use of emergency reserve allocations.
Third: The Federal Audit Bureau shall submit a quarterly report to the Chamber of Deputies, which includes the expenditure aspects of the emergency reserve allocations, with the technical opinion indicating whether it is considered an emergency or otherwise.
Article 21 - The Council of Ministers when necessary to submit a bill to amend the Federal Budget Law during the fiscal year.
Article 22 First a. Expense allocations are used from January 1 to December 31 of the fiscal year.
B) Income of centrally financed administrations received up to (31) of the fiscal year shall be recognized as final revenue for the account of the State Treasury for the same year.
C. Income of centrally financed administrations received after the end of the fiscal year shall be credited to income for the fiscal year in which they were received.
Second -asttny of the provisions of paragraph (c) of item (i) of this article revenues due and did not arrest during the fiscal year , which earned it to be credited to the source account after registration owed by the debtor or revenues due and unreceived in cases specified account below:
A - Share Treasury of public sector profits.
B) Unearned oil revenues from sales during the year.
C. Revenues from the sale of real estate.
D. Any other revenues. The Minister of Finance considers the importance of including this provision.
Thirdly, the amounts actually due during the fiscal year shall be recorded in the accounts of that year. If this is not possible, the settlement shall be added to the accounts within the period of the final accounts.
Fourthly, the income of the centrally financed administrations from the various sources to the general budget, and no part of them may be deducted for any purpose. No amount may be allocated except through the budget and specific and precise disbursements.
Article 23 (a) The appropriations approved in the Federal General Budget may not be disbursed in any other than the fiscal year allocated to it and the allocations that have not been paid during the fiscal year allocated to it shall be discharged at the end of that year.
B - The Federal Minister of Finance to reallocate the unspent amounts of ongoing investment projects in the provinces to the budget for the next fiscal year.
Article 24 First, the amounts to be paid for services or works completed in a financial year and not disbursed during that year shall be recorded for substantial reasons determined by the Economic Affairs Committee of the Council of Ministers other than the reasons for the implementation of the allocations in the accounts for that year in which the payment is actually due.
Secondly, the amounts that have already been disbursed in any fiscal year in the relevant account for that year shall be recorded, if they can not be recorded at the time, the settlement shall be carried out within the final accounts stage of that year.
Third, the net salaries that have not been submitted by the beneficiaries shall be returned to the Treasury. A secretariat shall be registered in their names in a special account to be opened in the accounts of the secretariats and the debts deducted from these salaries shall be paid to the entitled parties.
Fourthly , taking into account the provisions of subsection (iii) of this article:
a longer worth the amounts disbursed and payable in the fiscal year in which the exchange actually earned and restrict the amounts disbursed in the financial year on the correct tab in the accounts of that year.
B. The amount of the order issued shall be recorded and the meritorious persons shall not review it for taking into account the accounts in the accounts and the income of the receivables.
C. If the amount to be disbursed is allocated for one year and is not repeated, the Minister of Finance may instruct the transfer to the trust account to be disbursed upon review of the concerned parties.
Fifthly, the amounts due to be paid for completed projects or work or goods shall be recorded at the expense of the year in which they were due.
Sixthly, the Ministry of Finance shall disclose, through monthly and annual financial statements, the adoption of the accrual basis in the cases where it was approved and the cash flow statement shall be attached thereto.
Article - 25 - First - The Federal Minister of Finance authority to conduct transfers between the appropriations of the federal budget of the Republic of Iraq approved in the annual federal budget at the level of doors at the request of the spending units.
Second: The competent minister or the head of the entity not connected to the Ministry or the Governor or the President of the Governorate Council shall have the authority to carry out transfers within their annual budget approved in the annual federal general budget from one disbursement unit to another disbursement unit thereof up to 10% The unit of spending monitored within the Federal Budget Law, which has been reduced allocations at the level of sections, chapters, materials, types and sequence of type and each case separately.
Third is not permitted to conduct transfers in the following: cases
a. Transfer of employee compensation allowances to the rest of the current expenses.
B) Transfer from current expenditure to investment expenditure.
C) Transfer from current expenditure to capital expenditure.
D) Transfer from allocations of investment projects to allocations of current expenditures.
E) Mobilization of allocations of regional development projects between governorates.
Fourthly, the Ministry of Finance shall be provided with the orders of transfers carried out on a monthly basis in accordance with the powers vested in them under the provisions of item (ii) of this Article.
Article (26) First, final revenues of the General Treasury shall include all debts and trusts whose owners have not reviewed for their redemption during (5) years from the date of the end of the financial year for which the need has ceased. The Minister of Finance may return it if it is proved to him that the non-review was a legitimate excuse and shall not be repeated after ten (10) years.
Second: The provisions of this Article shall be exempted from the debts which the Government, which is bound by bonds, agreements or treaties, shall follow its legal period.
Article 27 First, taxes and fees collected shall be credited to the State Treasury.
Second, wages shall be fixed for the services provided by the State Departments by the Supreme President in accordance with the laws, regulations and regulations in force.
Thirdly, the State's imports shall be collected and its funds collected from specialized personnel and under the receipt of receipts determined by the Minister of Finance.
Fourthly, all imports, including donations and donations, shall be recorded as final revenues in the accounts. The collection and administration expenses and all the expenses thereof shall be deducted from the expenses of a final bank in the accounts. In no case shall any part of the expenses be deducted from the original income. Honestly follow its instructions.
Fifth, the Ministry of Finance to reduce the amounts resulting from non-transfer of ministries or the province or provinces that are not organized in the region of oil and gas revenues and other annual funding.
Article 28 First: The Minister of Finance shall announce the closing date of the final accounts for the financial year ending not exceeding (31/1) of the following year.
Second, the spending units and self-financed departments submit their final accounts to the Federal Financial Control Bureau no later than the end of March of the following year.
Third: The Federal Audit Bureau shall issue its report on the final accounts provided for in item (2) of this Article by the end of June of the following year.
Article (29) The following financial revenues shall be credited to the governorate (including the governorates of the region):
1- 50% of the federal fees and taxes collected from the centrally funded departments in the governorate, excluding the amounts collected from the tax and customs revenues.
2- The province's share of the revenues of the border ports and the petro-dollar.
3- Local revenues obtained and local legislations issued by the provincial council.
Chapter Five
Control and Audit
Article 30 The Minister of Finance shall be responsible for the accounts relating to all receipts and payments made in all ministries and entities not connected to the Ministry, Territory and the Governorate which are not organized in the territory belonging to the federal public budget and shall monitor their financial and accounting transactions in the manner specified by the Ministry of Finance.
Article 31 First a. The financial departments in the ministries and entities not connected to the Ministry and the province and the province are not organized in the province and the provincial council, administratively with their respective bodies and a technician in the Ministry of Finance.
B) The Treasury Department in the province shall be technically affiliated with the Federal Ministry of Finance and shall be responsible for the accuracy of its financial and accounting transactions.
Second, the control and internal audit teams operating in the spending units are all technically affiliated with the Federal Ministry of Finance.
Thirdly, if there is a dispute between the ordering officer and the employee in charge of the exchange, he shall decide on a written order issued by the ordering officer. The control and internal audit bodies shall inform the Federal Audit Bureau of the opinion of the parties within fifteen (fifteen) days from the date of the payment order.
Article 32 First: Each document shall contain the approval of the Exchange Supervisor and the signature of the employee responsible for the exchange and the auditor. None of the three parties may replace the other and act in his capacity.
Second, the Exchange Order may not approve its exchange documents unless it is the supreme head of the Department.
Thirdly, the Minister of Finance shall determine the accounting standards for ministries and entities not connected with the Ministry, Territory and governorates not organized in a region in accordance with internationally and locally accepted accounting standards.
Fourth, the Minister of Finance shall prepare the tables of accounts for the federal budget and the forms of documents, circulate them and publish them among the spending units to work under them.
Fifth: The Federal Audit Bureau shall issue the government accounting guide, the centrally funded departments and the unified accounting system for the self-financed departments or the system to be replaced.
Article (33) The Ministry of Finance shall be responsible for the organization, administration, implementation and control of the budget and supervision of the Treasury in matters stipulated in this Law.
Article 34 First: The spending units shall submit their monthly financial statements to the Ministry of Finance within the first ten days of the following month for the purpose of auditing and unifying them with the rest of the State accounts.
B) The Ministry of Finance shall prepare preliminary financial statements every four months submitted to the Council of Ministers and to the Council of Representatives.
Second: a. The financial statements of the spending units and the final final statement shall be audited by the Federal Audit Bureau.
B- The financial statements of the spending units and the final statement of the region shall be audited by the Financial Control Bureau in the Region in coordination with the Federal Financial Control Bureau.
Thirdly, the Minister of Finance shall submit the Federal Financial Statements by the end of March of the following year to the Federal Audit Bureau in the light of the requirements determined by the Audit Bureau.
The Federal Financial Control Bureau shall prepare a report on the federal financial statements submitted to the Federal Minister of Finance on September 15th to be sent to the Economic Affairs Committee or to be reviewed by the Council of Ministers for submission to the Council of Representatives before the 30th of September for discussion and approval.
The report shall be published by the Council of Representatives in the Official Gazette and on the official websites of the Ministry of Finance and the Council of Ministers.
IV . The financial statements of the Federal according to the content and classifications of local and international accounting standards , including the following:
a. Report of the Federal Audit Bureau.
B. The opening and closing balance of the consolidated treasury account and a summary of the movement of the account during the financial year.
C) Determination of the differences between the revenues received and the actual expenses and the appropriations.
Dr.. A report on all federal government loans for the fiscal year and total external and internal debt, including unpaid Iraqi treasury remittances, including late payments.
Report on expenditure from emergency reserve.
And a report on guarantees issued by the federal government during the fiscal year.
G) A report submitted by the Minister of Finance on all loans and guarantees issued by the Region and the province that are not organized in the province and the governorate council.
H Amounts outstanding for investment contracts.
Deductions due to contracts.
Credits and letters of guarantee for which the funds have been allocated and whose goods, goods and services have not been received.
As the profits of international contributions of its undistributed and undisclosed types.
To report subsidies, donations, grants and grants.
M. Disclosure of investment projects and financial achievement ratios distributed sectorally, geographically and administratively.
N. Disclosure of investment projects prepared by the Ministry of Planning, showing the percentage of physical (technical) distribution sectorally, geographically and administratively.
O Statements of the titles of the advances and trusts.
Disclosure of the financial position and disclosure of revenues and expenses.
Any statements and schedules required by the financial statements.
CHAPTER VI
MANAGEMENT OF PETROLEUM REVENUES
Article 35 Oil revenues shall include the following:
First, the total revenues of public companies from the sale of domestic and foreign crude oil and crude oil and gas products.
Second, all amounts arising from oil and gas contracts executed by the international oil companies.
Thirdly, the treasury share of profits of public companies executing oil and gas operations.
Article 36 Revenues derived from the sale of crude oil and gas derived from the exported gas and revenues of the federal government and the amounts paid to explore the sources of oil and any amounts arising from the investment of funds in the account of oil and gas revenues, is in the federal budget under an account called the calculation of oil and gas revenues.
Article 37 First, all oil and gas revenues shall be deposited in bank accounts opened specifically for the oil and gas revenues from the Minister of Finance. The amounts arising from the investment of the surplus shall be deposited from the account of oil and gas revenues in the bank accounts opened specifically for the oil and gas revenues.
Second, the exchange of the proceeds of oil and gas only to finance allocations of the federal budget or to invest surplus and requires the exchange of account revenues of oil and gas to public companies to cover the cost of oil and gas operations of the allocations of the federal budget.
Thirdly, the exchange shall be from the account of the revenues of oil and gas signed by the Minister of Finance and two employees, at least two degrees from a general director chosen by the Minister of Finance and not authorized to authorize others.
Fourth, the surplus of the account of oil and gas revenues may be invested in credible financial assets.
Fifth: Subject to the provisions of Article IV of this article, the Ministry of Finance:
a. Prepare the investment policy for the excess of the account of oil and gas revenues and submit it to the Council of Ministers for approval by
reviewing the investment policy at least once every six months.
C) Excess investment of the account of oil and gas revenues through the Central Bank of Iraq or government banks according to the investment policy.
Sixth: The Ministry of Finance shall prepare the financial statements for the calculation of the revenues of oil and gas in accordance with international and national accounting standards and the necessary records.
Seventh, the oil and gas revenue account is audited by an internationally recognized external auditor and the Federal Financial Control Bureau.
Article 38 First: The Minister of Finance shall submit to the Chamber of Deputies and the Economic Affairs Committee or its replacement in the Council of Ministers the following:
a. Detailed report on the account of oil and gas revenues, including the opening balance and closing balance of the said account, the basic assets, 3) Three weeks from the end of each month.
(B) the results of the quarterly audit on the status of investments before the end of the month following the end of each chapter.
C. The report of the Federal Financial Supervisory Board on the financial statements for each year that details the movement of funds for the account of oil and gas revenues.
Second: The Economic Affairs Committee shall study the reports provided for in item (1) of this Article and submit them to the Council of Ministers.
Thirdly, each of the public companies engaged in activities related to oil and gas shall submit to the Minister of Finance and the Minister of Oil within (1) one month after the end of every three (3) months of the year a report containing quantities and amounts of all production, sale and export of oil and gas, In cash or in kind during this period.
The Minister of Finance shall prepare a report of conformity submitted to the Council of Ministers within (1) one month from the date of submission of the reports provided for in item (3) of this Article, showing the results of conformity of reports of public companies with reports of the calculation of oil and gas revenues for this period.
Chapter VII
Loans and Guarantees
Article 39 First, the Minister of Finance may borrow locally or externally short-term loans or issue treasury transfers and financial bonds to cover the deficit in the federal budget within the maximum limits stipulated in the federal general budget law. He may authorize the Central Bank of Iraq to issue and manage remittances and treasury bonds. Any other ministry or non-linked entity may borrow from any source or withdraw from its bank account.
Second: The Minister of Finance and with the approval of the Prime Minister to issue guarantees within the maximum limits stipulated in the Federal Budget Law.
B. The guarantees provided for in paragraph (a) of this section include guarantees for loans, debts, letters of credit, corresponding guarantees, credit commitments and other emergency credit facilities.
Thirdly, the Minister of Finance may charge the beneficiaries of the guarantees determined according to the level of credit risk.
B) The federal budget shall include allocations reserved for the guarantees provided for in paragraph (a) of this item, which require payment.
Article 40 First of the province and the province is not organized in the province after the approval of the Minister of Finance access to local loans and the issuance of guarantees within the limits of the debts stipulated in the Federal Budget Law and the limits of debt assessed for each unit in accordance with the allocations approved by the Council of Ministers on the recommendation of the Federal Minister of Finance.
Second, the region and the province that are not organized in the region and public companies in July of each year estimates the total of the loans not recovered and the loans to be obtained in the next fiscal year for review and approval by the Federal Minister of Finance.
Thirdly, the province and the governorate, which is not organized in a region, shall submit a monthly report to the Federal Minister of Finance in respect of non-settled loans and issuance of loan guarantees issued.
Article 41 First: The Council of Ministers shall establish limits for loans and guarantees issued by the Region and the province which are not organized in the territory and public companies.
Second: The Ministry of Finance shall guarantee the guarantees provided for in item (1) of this Article provided that they are from the allocations of the borrowers mentioned in the Federal Budget Law.
Article 42 The Minister of Finance shall sign the loans and security contracts relating to the Federal Government and contract with the Central Bank of Iraq and authorize him to issue the securities.
Article 43 First, the Federal Ministry of Finance shall keep a record of the debts and guarantees of the Federal Government.
Second, the province and the province that are not organized in the region and public companies shall keep the register of debts and local loans granted to them, short term loans and guarantees issued to the province and the province that are not organized in the province and public companies and provide the updated record on this information at the end of each month to the Ministry of Finance.
Article 44 The Federal Minister of Finance shall submit a consolidated report on government debts within 30 days from the date of the end of the fiscal year to the Council of Representatives and the Council of Ministers.
Chapter VIII
Budgets of self-financed administrations
Article 45 First: A- The self-financed administrations shall prepare their proposed budget after the approval of their director and the competent minister, including the current revenues and expenses, interest, profits, losses, investment expenses, cash liquidity, loans, grants, transfers, potential entitlements, profits and losses including guarantees and budget disclosure, September 15 of each year for review, unification and ratification.
B. The Ministries of Planning and Finance shall submit a detailed report to the Economic Affairs Committee of the Council of Ministers during the month of October of each year, together with the draft federal budget law.
The Minister of Finance shall take into account the independence of the operations carried out by public administrations.
Secondly, the budget of the self-financed administrations is not included in the budget of the federal government, nor is it included in the budget of any other government body except for its centrally funded investment projects.
Thirdly, the self-financed administrations will submit on 15 September 15th the estimates of the total short-term loans and soft loans and will be added to the next fiscal year for approval by the Minister of Finance.
B) Self-financed administrations submit a monthly report to the Minister of Finance regarding the total amount of loans and short-term loans within ten (10) days from the end of each month.
C The guarantees provided by the Federal Government in respect of the loans of self-financed administrations shall be in accordance with the law and shall appear in the final accounts of the State.
Self-financed administrations shall submit their monthly accounts within ten (10) days from the end of each month to the competent ministry. They shall submit their semi-annual accounts to the Ministers of Planning and Finance by the deadline of July 15 th.
All self-financed administrations shall submit their audited final accounts to the Federal Minister of Finance by 31 May of the year following the final financial year. These shall include the final accounts, the balance sheet, profits, losses, cash balances and statements of closing accounts, including bills of account, Receivables, including loans, obligations and contingencies.
C) The final accounts shall be prepared in accordance with the local and international accounting and auditing rules and standards and shall be audited by the Federal Financial Control Bureau.
Fifthly, the competent minister or the head of the entity not related to the Ministry of the necessary amendments to the budget of the self-financed administrations, the proposal of the Board of Directors or its Director General in the absence of a Board of Directors that these amendments lead to an increase in productivity and improve the financial and economic status for the end of the fiscal year.
The Federal Ministries of Planning and Finance shall be informed of these amendments in case they are approved by the competent minister or the head of the entity not connected to the Ministry, with the exception of amendments to the self-financed administrations that receive a grant from the State Treasury.
Chapter IX
Powers to write off debts and assets
Article 46 First: The Minister of Finance may write off the debts of the centrally financed departments, which prove impossible to collect after exhausting the legal methods within the limits set by the Council of Ministers.
Second, the Minister of Finance shall waive the right of the Government to collect the amount due or to settle it
or postpone its payment within the limits set by the Council of Ministers.
Thirdly, the Minister of Finance shall inform the Council of Ministers of any amount that has been written off, waived, paid or postponed, and the reasons for cancellation, waiver, delay and installment shall be reported together with the final report and the final annual accounts of the Federal General Budget.
Fourthly, the competent minister and the supreme head of the entity not connected with the Ministry of the power to write off the lost, damaged and damaged assets for any reason, including due to normal use, and determine their authority according to instructions issued by the Council of Ministers.
Fifth: The Council of Ministers has the power to write off debts and assets that exceed the value of the Minister of Finance or the competent minister.
Sixth: The Council of Ministers, except as provided for in Article (4) of this Article, may write off what is lost or damaged by the State's funds and property due to emergency or unusual circumstances after verifying the validity of the procedures taken in its inventory and evaluation.
Seventh, the delisting shall not prevent the use of legal methods in securing the rights of the Treasury from the cause of loss or damage.
Eighth: The Minister of Finance and the Supreme President shall be entitled to write off the debts that can not be legally collected and the damaged, lost and damaged assets owned by the public companies and its self-financed departments.
Ninth of the Council of Ministers the power to write off debts and assets belonging to public companies and self-financing departments that exceed the value of the Minister of Finance.
X. The financial powers to write off shall be determined by a decision of the Council of Ministers.
Regulate the cancellation procedures and accounting treatments with instructions issued by the Minister of Finance.
Article 47 Based on the requirements of the general interest of the Supreme President:
First, the grant of cash or in kind or purchase of materials to give them limits that appear in the instructions to implement the Federal Budget Law.
. Second: Dedicate the assets transferred to ministries and entities not linked to the Ministry limits that are contained in the instructions to implement the Federal Budget Law
Article 48 First, the Minister of Finance determines the forms and forms of documents of arrest and disbursement and the daily documents and accounting, financial and statistical records relating to them held in all centrally funded expenditure units to control and record transactions Financial, accounting and electronic systems in coordination with the relevant authorities.
Second, each transaction shall be supported by the documents provided for in item (1) of this Article and shall be reinforced by receipts taken from the concerned parties.
Thirdly, the exchange may not be accepted on the basis of personal certificates except with the approval of the Supreme President and the Minister of Finance in the necessary conditions to strengthen the final expenses by the limits set forth in the instructions of implementation of the Federal Budget Law.
Article 49 First of the unit of spending or self-financed administrations open a current account with a government or private bank and according to the credit rating of the bank to be determined by the Central Bank of Iraq.
Second, the Department of Accounting in the Ministry of Finance request the bank to send a statement of account in respect of any bank account for any spending unit or any self-financed administration.
Third: The Accounting Department of the Ministry of Finance may ask the bank to close the bank account of any self-financed spending unit or administration if the bank account is opened in contravention of the provisions of this article.
CHAPTER X
TRANSPARENCY
Article 50 First: All spending units shall adhere to the basic principles and criteria for transparency of the public budget and to disclose the mechanisms for collecting and spending public funds and providing them with sufficient data, information, documents and reports on their financial and administrative activities (in the past, present and future) Their websites.
Second , topics published on the website of the Ministry of Finance or other government websites follows: include
a report , which was passed by the Council of Ministers under the provisions of Article (3) of this law.
B) Financial statements and proposed budget approved by the Council of Ministers.
C. Budget approved by the House of Representatives.
D- The financial policy document stipulated in item (1) of Article (8) of this law.
E Detailed estimates of cash and in-kind income and current and investment expenditure per unit of expenditure.
And the policy of investment surplus account of oil and gas revenues approved by the Council of Ministers.
The detailed monthly report on the calculation of oil and gas revenues.
The quarterly audit results from each year of the investment situation for the account of oil and gas revenues.
I) Annual financial statements for calculating oil and gas revenues.
Report of the Financial Control Bureau.
Reports of public companies that carry out oil and gas operations and are provided under the provisions of Article (III) of Article (38) of this law.
The reports of settling the oil and gas revenues stipulated in Article (IV) of Article (38) of this law.
The government accounting manual and the monthly reports on the implementation of the federal budget and the preliminary financial statements for each (4) months stipulated in item (1) of Article (34) of this law.
O Updated list of all self-financed administrations, reports and financial statements prepared during the year, final financial statements, and the opinion of the Federal Financial Control Bureau and the budget of the citizen.
CHAPTER XI
GENERAL
AND FINAL PROVISIONS Article 51 First, adherence to the principles of the budget (budget transparency, budget comprehensiveness, budget unit, annual budget and the principle of non-reallocation).
Second, all revenues for centrally financed units are transferred exclusively to the federal public treasury.
Article 52 Ministries and entities not affiliated with the Ministry, Territory and Governorate that are not organized in the province and the governorate council shall issue statistical tables for the financial statements of their formations whether they are centrally or self-financed.
Article 53 The Ministers of Planning and Finance may choose any type of budget preparation according to the modern rules, in accordance with the requirements of the stage and provide the necessary means.
Article 54 The Council of Ministers shall issue instructions to facilitate the implementation of the provisions of this Law.
Article (55) of the Law of Accountancy Law No. (28) for the year 1940 and Appendix A of the Financial Management issued under the Coalition Provisional Authority Order (dissolved) No. 95 of 2004 shall be repealed and Appendix B of the General Debt shall remain in force until a special law is superseded And does not act in any law contrary to the provisions of this law.
Article 56 This Law shall be published in the Official Gazette and shall come into effect from the financial year following its promulgation.
Positive reasons
For the purpose of regulating the rules and procedures governing the financial and accounting management in the field of planning, preparation, implementation, control and auditing of the federal budget and directing all federal revenues to the public treasury to cover public expenditure and determine the link between the internal control units from the administrative and technical aspects and the mechanisms related to the implementation of budgets and the commitment of each implementing agency and determine the responsibility of the Ministry In addition to setting specific dates for the submission of audit balances and final accounts and adherence to the principles of the budget (transparency of the budget and the comprehensiveness of the budget and the budget unit) Annual budget) in the preparation and implementation of the federal budget and related matters in order to ensure macroeconomic stability and financial stability and strengthen the allocation of budget resources and improve the efficiency and effectiveness of spending and ensure the management of cash and optimize the quality of budget information submitted to the House of Representatives and the public.
This law was enacted





http://ar.parliament.iq/2019/05/23/%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9/


claud39
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Financial Management Law Empty Parliamentary move to raise the price of the dinar and maintain the stability of inflation

Post by claud39 on Wed Jun 05, 2019 9:35 am

[size=36][rtl]Parliamentary move to raise the price of the dinar and maintain the stability of inflation[/rtl][/size]




Wednesday 20 March 2019





Financial Management Law 980-Alsabbaq










Baghdad / Omar Abdul Latif
 
 

The Parliamentary Finance Committee is moving in the current legislative session to develop mechanisms to change the monetary and monetary policies in the country, in coordination with the Central Bank of Iraq, aimed at raising the dinar exchange rate and maintaining the stability of inflation.



"The committee will move during the current legislative term towards changing the fiscal and monetary policy in the country in general," said member of the committee Abdul Hadi al-Saadawi, 
Coming ".



He added that "the Committee is keen to enact the law of financial administration as it gives a complete road map of the financial policy in the country in terms of management of money and cash in the state," pointing out that "the change will raise the exchange rate of the Iraqi dinar against foreign currencies while maintaining the stability of inflation
 In the country".



"The Commission is determined to make these changes during the next phase and not to follow the traditional methods are not appropriate at the moment."









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Financial Management Law Empty Parliamentary Finance: The budget of 2020 is completely different from all budgets since 2003

Post by claud39 on Thu Jun 06, 2019 7:57 am

Parliamentary Finance: The budget of 2020 is completely different from all budgets since 2003


06/06/2019





Financial Management Law %D9%85%D8%A7%D8%AC%D8%AF%D8%A9-%D8%A7%D9%84%D8%AA%D9%85%D9%8A%D9%85%D9%8A-696x435










Information / Baghdad ..



The Finance Committee of the parliamentary, on Thursday, that the budget 2020 will include a lot of tables completely different from all budgets since 2003, noting that the adoption of the Financial Management Law has become a control tool on the public budget.

"The Finance Committee asked the Ministry of Planning to send special reports on the amount of domestic production, as well as inflation and government imports," MP Majida al-Tamimi told Al-Maaloumah.
Al-Tamimi added that "the requirement also includes the attached schedules of military and civilian retirees in addition to other categories as well as internal and external indebtedness, taxes and customs and border crossings and revenues of state property," stressing that "the budget 2020 will be a control budget enhanced the final accounts from 2012 to 2018."
"The committee will host the Minister of Finance and Planning every six months within the Finance Committee to follow up the government program." Ending / 25



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