The FINANCIAL — President Viktor Yuschenko has imposed a veto against a new wording of the Budget Code, which was endorsed by the parliament on June 23.
Presidential Secretariat First Deputy Head Oleksandr Shlapak announced this to the press.
The Budget Code provides for a formula-based system for conducting transfers between the state budget and more than 12,000 local budgets.
The document also provides for introduction of new and clarification of the existing concepts and terms in the area of budgetary legislation, clarification of the functions of the distributors of state budget funds, and concretization of the provisions on operations with state and local debts.
The document also provides for clarifying the Budget Code's provisions on the particulars of implementation of the state and local budgets in case of untimely adoption of a law on the state budget.
The document also details the provisions regarding the requirements on reports on implementation of the state budget.
As Ukrainian News earlier reported, the parliament on June 23, 2009, endorsed a new wording of the Budget Code of Ukraine on the whole. The Verkhovna Rada endorsed the draft law on the new wording of the Budget Code at the first reading on September 18, 2008.
The current wording of the Budget Code was endorsed by the Verkhovna Rada on June 21, 2001.
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