The new Law on Fiscal Accountability to be adopted

The new Law on Fiscal Accountability to be adopted

The existing Fiscal Responsibility Act has been in effect since 2011. It sets out rules that limit public spending, strengthens the responsibility for the legitimate, purposeful and purposeful use of budget funds. In this way, the system of control and supervision is strengthened to ensure fiscal responsibility.

The first and only amendments to this Act were in early 2014. Since then, due to the entry into full EU membership (July 2013), the Republic of Croatia was obliged to transpose the provisions of Council Directive 2011/85 into national legislation by the end of 2013 / EU on budgetary requirements for Member States.

Since 2014, the fiscal rule has been changed, but in order to fully adapt the national legislation to the provisions of the Stability and Growth Pact, and the EU Council Recommendations under the European Semester, this year, a new fiscal liability law was established.

The proposal of the Law on Fiscal Responsibility (hereinafter: the new Law) was adopted at the 9th session of the Croatian Parliament and sent into adoption of the Final Proposal of the Law. The adoption of a new law is expected by the end of the year, and its entry into force on the 1st of January 2019.

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