Page:Constitution of the Bolivarian republic of Venezuela.djvu/110

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shall explicitly state the long term objectives of fiscal Policy and explain how these objectives are to be achieved, in accordance with principles of responsibility and a fiscal balance.

Article 314: No expense of any kind shall be disbursed unless the same has been provided for in the budget law. Additional budget credit items may be ordered to cover essential unforeseen expenses or items that had not been adequately funded, only if the treasury has resources to cover the expenditure concerned; this shall be done only following a vote in favor by the Cabinet of Ministers and authorization by the National Assembly, or in its absence, by the Delegated Committee.

Article 315: In the annual public expense budgets at all levels of government, the specific objective to which each credit item in the budget is addressed shall be clearly established, as well as the concrete results expected and the public officials responsible for achieving these results. The latter shall be established in quantitative terms, by means of performance indicators, where this is technically possible. The Executive Power shall submit to the National Assembly within six months of the close of the fiscal year the annual accounting and budget implementation balance sheet for such fiscal year.

Section Two: Taxation System

Article 316: The taxation system shall seek a fair distribution of public burdens in accordance with the taxpayer's ability to pay, taking into account the principle of progressive taxation, as well as protection of the national economy and raising the standard of living of the population, the foundation therefore being an efficient system for the collection of taxes.

Article 317: No tax, assessment or contribution of any kind shall be collected unless it is established by law, and no exemptions, abate-