The Budget Law is the law by which Parliament must approve the budget presented by the Government by 31 December of each year.
The Budget Law constitutes the only provision of a financial nature of the State. In fact, it contains both the regulatory provisions relating to economic income and expenditure and the effects of such expenditure in the three-year forecasts of income and expenditure of the State budget.
The two laws merged into the new Budget Law by virtue of the principle of balanced budget introduced with constitutional law n.1 of 2012. The Budget Law combines the accounting elements of the state and the provisions that integrate or modify the rules relating to state revenue and expenditure.
By virtue of this, what is also called Maneuver or Financial represents the crucial point that every government must face every year.
Since Italy is a member state of the European Union, the budget law is also examined by the European Commission which can approve or reject it. In the second case, the country involved risks a fine and a whole series of limitations in accessing funds.
