L. Paul Bremer, Coalition Provisional Authority

“ The Ministry of Finance can authorize the responsible Minister or Ministers, subject to the
provision below, to reallocate the approved budget appropriations from one spending unit to
another up to a limit of five per cent of the amount approved by the annual or supplementary
budget law for the spending unit that is to have its appropriation reduced. ”

“ Government does not include public corporations.
41) “Government debt” consists of all liabilities of the government that require payment or
payments of interest and/or principal by the borrower to the lender at a date or dates in the
future.
42) “Petroleum revenue” is petroleum export revenue, non-tax revenue earned from the sale of
petroleum to domestic buyers (collectively, petroleum non-tax revenue) , and tax revenue
levied on petroleum (petroleum tax revenue) .
43) “Petroleum export revenue” is non-tax revenue earned from the sale of petroleum to foreign
buyers. ”

“ The Council of Ministers
may, within the agreed aggregate limit, adjust appropriations in accordance with their
collective priorities. Any increase in the aggregate spending limit must be based on a
proposal submitted by the Minister of Finance and approved by the Council of Ministers. ”

“ Number 71, Local Governmental Powers (the “Local Governmental Powers Law”) .
24) “Line items” are the payments specifically itemized in the budget law.
25) “In kind” means a transfer or exchange in which payment takes the form of tangible
property, intangible property, or services rather than cash.
26) “Liability” is a present obligation arising from past events, the settlement of which is
expected to result in a future payment in cash or in kind.
27) “Outlay” means a payment to liquidate an obligation other than borrowing. ”

“ The source of all receipts shall be specifically identified in the budget. All payments for the
budget year and commitments for future years shall be disclosed in the budget, and the nature
and duration of these commitments shall be limited as specified in the annual budget laws.
6) The difference between receipts (excluding borrowings) and payments (excluding
repayments of debt principal) is the budget surplus (if positive) or the budget deficit (if
negative) .
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6
7) Receipts consist of:
a) Tax revenues:
1. ”

“ Regulations implementing this Law shall be approved within 12 months from the day of
enactment of this Law. Until these regulations are approved, existing regulations shall
continue to apply, to the extent consistent with this Law. ”