Today, Member of the European Court of Auditors Juhan Parts gives an overview…
Today, the members of the Finance Committee of the Riigikogu (Parliament of Estonia),…
Work of the Finance Committee
The Finance Committee is a standing committee that works with draft legislation dealing with the national finance policy, such as the state budget or Bills on taxation and banking. The Committee also exercises control over the activities of the Government in these fields.
Work with draft legislation
The major Acts in the field of budget include the State Budget Act, which provides the procedure for compiling, approving and implementing the state budget, and the Financial Management of Local Government Act. The Finance Committee discusses the state budget strategy and proceeds the state budget, which is passed as an Act every year, as well as the Resolution of the Riigikogu on the consolidated report on the financial year of the state. The Committee also functions as the lead committee in proceeding the European Union structural aid framework Bill.
The most important Act for taxation is the Taxation Act, which sets out the bases for national taxation system and its functioning. The most important taxation Acts are the Income Tax Act, Value Added Tax Act, Land Tax Act, Social Tax Act, and Alcohol, Tobacco, Fuel and Electricity Excise Duty Act.
The most important Acts that regulate banking include the Eesti Pank Act, Financial Supervision Authority Act, Credit Institutions Act, Investment Funds Act, Savings and Loan Associations Act, Funded Pensions Act, Paying Authorities and Electronic Money Institutions Act, and Money Laundering and Terrorist Financing Prevention Act.
The Finance Committee exercises control over the activities of the Government within its area of expertise, and evaluates the relevant European Union draft legislation.
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