The state budget of Uzbekistan and budget law

The budget is the form of collecting and spending money so that the state and territorial bodies can carry out their tasks, that is, a one-year plan of revenues and expenditures. Budget law is the set of norms on creating, distributing and using these funds, and its main source is the Budget Code. The state budget is a multi-level system: the republican budget, the budget of the Republic of Karakalpakstan, the budgets of regions and Tashkent city, and district and city budgets. The financial year runs from 1 January to 31 December. The budget system rests on principles such as unity, openness, targeted use, balance and the responsibility of participants, so spending must go to the purpose named in the law and reports must be open to the public. The budget process has four stages: preparing the draft (the Government), consideration and approval (Parliament, by law), execution, and the execution report with control. If revenue is lower than expenditure a deficit arises, which is covered by borrowing or other sources.