Finance and the state Budget

Article 125
In the Republic of Lithuania, the Bank of Lithuania shall be the central bank which belongs to the State of Lithuania by right of ownership.

The procedure for the organisation and activities of the Bank of Lithuania, its powers and the legal status of the Chairman of the Bank of Lithuania as well as the grounds of his dismissal shall be established by law.

Amendments to the Article:

No. X-572, 25.04.2006, Valstybės žinios (Official Gazette), 2006, No. 48-1701 (29.04.2006)

Article 126
The Bank of Lithuania shall be directed by the Board of the Bank consisting of the Chairman, his deputies and members.
The Chairman of the Board of the Bank of Lithuania shall be appointed for a five-year term by the Seimas upon the submission of the President of the Republic.

Article 127
The budgetary system of the Republic of Lithuania shall consist of the independent State Budget of the Republic of Lithuania as well as independent municipal budgets.
The State budget revenue shall be raised from taxes, compulsory payments, levies, income from State property and other income.
Taxes, other payments to the budgets, and levies shall be established by the laws of the Republic of Lithuania.

Article 128
Decisions concerning the State loan and other basic property liabilities of the State shall be adopted by the Seimas on the proposal of the Government.
The procedure for the possession, use and disposal of State property shall be established by law.

Article 129
The budget year shall start on the 1st of January and shall end on the 31st of December.

Article 130
The Government shall draw up a draft State Budget and present it to the Seimas not later than 75 days before the end of the budget year.

Article 131
The draft State Budget shall be considered by the Seimas and shall be approved by law prior to the start of the new budget year.
During the consideration of the draft budget, the Seimas may increase expenditure provided that it specifies the financial sources for the said expenditure. Expenditure established by laws may not be reduced as long as the said laws are not altered.

Article 132
If the State Budget is not approved in time, at the beginning of the budget year the budget expenditure each month may not exceed 1/12 of the State Budget expenditure of the previous budget year.
During the budget year the Seimas may change the budget. It shall be changed according to the same procedure by which it is drawn up, adopted and approved. As necessary, the Seimas may approve an additional budget.