Deputies amended law on budget process in Bashkiria

UFA, 6 July 2018. /Bashinform News Agency, Galiya Nabieva/ translated by Tatiana Aksyutina/. Parliamentarians of Bashkiria made amendments to the regional law on the budget process. The document establishes a new deadline for the submission to the republican parliament of a draft bill on the budget of Bashkortostan for the next financial year and planning period. The law was adopted by the deputies and signed by the Head of the Republic of Bashkortostan on June 22, was published and entered into force.

The new terms of preparation of the republican draft budget will allow more fully reflecting in it the volumes of gratuitous revenues from the federal budget and other inter-budgetary transfers.

The law also provides for a new procedure for granting subsidies to legal entities, a possibility of fixing the terms for granting such subsidies both in contracts (agreements) and in regulatory legal acts regulating the granting of subsidies. Such compulsory terms include the consent of the grants recipients to be subject to inspections for compliance with the purposes and procedure for subsidies granting, as well as prohibiting them from purchasing foreign currency using the received funds.