Open AccessModern Budget Classification in the Public Finance System of Georgia
Author(s) -
Merab Vanishvili,
Lekso Lemonjava
Publication year - 2017
Publication title -
globalizac'ia da biznesi
Language(s) - English
Resource type - Journals
eISSN - 2449-2612
pISSN - 2449-2396
DOI - 10.35945/gb.2017.04.009
Subject(s) - independence (probability theory) , public finance , finance , economics , business , accounting , macroeconomics , mathematics , statistics
Market after the transition radically changed the financial management system in Georgia. The centralized budgetn system was replaced by a new budget system, based on independence and equality of budgets of different levels. The formation of income by own or regulatory taxes and freedom in their spending is considered.Georgia on January 1, 2008 from the International Monetary Fund introduced the budget classification, which is based on international standards GFSM-2001. This is a new classification, which ensures the correct public finances, fully accounting for modern requirements. Prior to the budget of the organizations using GFSM-1986 classification, classifica- tion is already quite old.