Chapter VIII Finance and the State Budget

§ 111. The Bank of Estonia has the sole right to issue Estonian currency. The Bank of Estonia shall regulate currency circulation and shall uphold the stability of the national currency.

§ 112. The Bank of Estonia shall act pursuant to law and shall report to the Riigikogu.

§ 113. State taxes, duties, fees, fines and compulsory insurance payments shall be provided by law.

§ 114. The procedures for the possession, use, and disposal of state assets shall be provided by law.

§ 115. The Riigikogu shall pass as a law the budget of all state revenue and expenditure for each year.

The Government of the Republic shall submit a draft state budget to the Riigikogu not later than three months before the beginning of the budgetary year.

On the proposal of the Government, the Riigikogu may pass a supplementary budget during the budgetary year.

§ 116. If a proposed amendment to the state budget or to its draft has the effect of decreasing estimated revenue, or increasing expenditure or reallocating expenditure, the proponent of the amendment shall append financial calculations to the proposed amendment which demonstrate the sources of revenue necessary to cover the expenditure.

The Riigikogu shall not eliminate or reduce expenditure in the state budget or in its draft which is prescribed by other laws.

§ 117. The procedures for the drafting and passage of the state budget shall be provided by law.

§ 118. The state budget passed by the Riigikogu shall enter into force at the beginning of the budgetary year. If the Riigikogu does not pass the state budget by the beginning of the budgetary year, expenditure of up to one-twelfth of the expenditure of the preceding budgetary year may be made each month.

§ 119. If the Riigikogu has not passed the state budget within two months after the beginning of the budgetary year, the President of the Republic shall declare extraordinary elections to the Riigikogu.

Additional information: | Compiled by: State Gazette