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1^er JUIN 2008. - Act containing the Ways and Averages of the Budget Year 2008 (1)

ALBERT II, King of the Belgians,
To all, present and to come, Hi.
The House of Representatives adopted and sanctioned the following:
Article 1^er. This Act regulates a matter referred to in Article 74, 3° of the Constitution.
Art. 2. For the 2008 fiscal year, current state revenues are assessed:
For tax revenues, at . . . . EUR 43.249.039.000
For non-tax revenues, at . . . . . EUR2.580.424.000
Be together. EUR 45.829.463.000
in accordance with Part I^re the ci-annexed table.
Art. 3. For the fiscal year 2008, capital revenues are estimated at the sum of 144.815,000 euros, in accordance with Part II of the attached table.
Art. 4. For the fiscal year 2008, the proceeds of loans are estimated at 29.602.500.000 euros, in accordance with Title III of the attached table.
Art. 5. Direct and indirect taxes, principal and additional decimals for the benefit of the State, existing as at 31 December 2007, will be recovered during the year 2008 according to the laws, decrees and tariffs that regulate the attitude and perception, including laws, decrees and tariffs that have only a temporary or provisional character.
Art. 6. The application of Articles 3 and 4, § 1^er, of the Act of 28 December 1954 containing the budget of the Ways and Means for the year 1955, is extended until 31 December 2008.
Art. 7. The King may, within the limits and conditions it determines, grant tax exemptions to the revenues of borrowings that, in 2008, would be issued or placed primarily abroad by the federal State, communities, regions, provinces, agglomerations, municipalities and public institutions or bodies, and in particular Treasury bills in foreign currency.
With respect to the income of the securities of these borrowings that would be held by Belgian residents, however, tax exemptions may only be granted to the sole financial institutions or enterprises assimilated therein and professional investors referred to in article 105, 1 and 3°, of the RA/CIR 92, as well as, without prejudice to the application of article 262, 1° of the Income Tax Code 1992, to legal persons
Art. 8. § 1^er. To cover the insufficiency of revenues in relation to the expenditures of 2008, including the repayment of borrowings and any expenses resulting from the financial management operations referred to in § 3, 1°, below, or the passenger cash imbalances in the fiscal year:
1° the King is authorized to issue public loans.
When the King has established a general framework for the issuance of borrowings that determines the limits of powers that may be delegated, the Minister of Finance may be authorized to issue, during the fiscal year, the borrowings that fall within this framework.
2° the Minister of Finance is authorized to issue cash certificates, Treasury bills or any other interest-bearing financing instrument.
The loans referred to in 1° and 2° above can be issued both in Belgium and abroad, in euros and in foreign currencies.
§ 2. The main objective of public debt management is to minimize the financial cost of federal government debt as part of market risk management and operational risks and in accordance with the overall objectives of fiscal policy and monetary policy.
Public debt management also aims to minimize the financial cost of the debt of public entities of the central government, other than the federal state itself.
To this end, the Minister of Finance, on the proposal of the Strategic Debt Committee operating within the general administration of the Treasury, determines the general guidelines for the management of federal debt; These guidelines include, in particular, the structure of the debt portfolio and the level of risks associated with it.
The Strategic Debt Committee shall make arrangements for the implementation of these general guidelines.
These are the framework for the implementation of the financial transactions properly referred to by the Formed Debt Agency within the FPS Finance, Treasury Board.
§ 3. The Minister of Finance is authorized:
1° to conclude any financial management transaction within the limits determined under § 2 above.
A financial management operation means:
(a) Treasury's day-to-day operations, namely, the financial transactions resulting from the need to ensure a daily cash balance;
(b) trade in securities;
(c) the adaptation of existing contractual conditions or terms of refund of borrowings, carried out in agreement with lenders and in accordance with market conditions;
(d) investments of any kind, including those necessary for the continuity of Treasury funding;
(e) swaps of interest and foreign exchange swaps, options, futures contracts and any other instrument for the management of financial, budgetary and credit risks related to the federal State's debt and authorized by the Minister of Finance under § 2 above;
(f) purchases of federal debt securities in secondary markets;
(g) temporary disposal, through transfer-retrocession or other transactions that have a similar economic effect, cash certificates, linear bonds, split securities and State bonds to primary dealers and recognized dealers in an electronic securities trading system.
On the proposal of the Strategic Debt Committee, the temporary arrangements referred to in paragraph 1^er may be extended to institutions subject to a rating obligation for the Treasury of the Kingdom of Belgium, in an electronic securities trading system, other than primary dealers and recognized dealers referred to in paragraph 1^er.
(h) Treasury financial transactions with agencies that are part of the "public administration" sector within the meaning of the European System of National and Regional Accounts in the Community (SEC 95).
2° complementary to exchanges of existing debt securities against new linear obligations, to liquidate prorated interest payments related to securities in circulation, by way of handover to persons entitled to linear obligations;
3° in accordance with the Convention of 5 January 1994 with the National Bank of Belgium, to create dematerialized securities representative of the debt of the State, having the same characteristics as those of the securities in circulation, in order to lend these short-term securities to the National Bank of Belgium according to the needs of its securities liquidation system;
4° to issue cash certificates and linear bonds to be included in the Treasury in the securities liquidation system of the National Bank of Belgium with a view to making possible the transactions under 1°, g).
§ 4. By derogation from Article 4 of the coordinated laws of 17 July 1991 on State accounting, the proceeds of short-term financing instruments (cash certificates, Treasury bills and similar instruments) as well as the proceeds resulting from the transactions referred to in § 3, 1°, g) are paid on cash or cash accounts.
In order to ensure continuity of Treasury funding, the authorities referred to in § 1^er, 1° and 2° also apply to borrowings whose conditions are fixed in previous fiscal years and whose proceeds are paid in the course of 2008.
The Minister of Finance is authorized to manage a foreign currency cash flow to avoid any impact on the conduct of the foreign currency monetary policy as part of the Treasury's financial management.
As part of the financial management operations provided for in § 3, 1° above, the Minister of Finance is authorized to hold titles:
1° in the securities liquidation system of the National Bank of Belgium;
2° in international securities liquidation systems and in international securities conservation systems;
3° in certain financial institutions authorized by the legislation that is applicable to them to retain deposits on behalf of third parties.
§ 5. The Minister of Finance may delegate to the SPF Finance, general administration of the Treasury, as well as to the staff of the Debt Agency incorporated in the general administration of the Treasury that he designates for the specific tasks provided by him:
(a) the power to determine, within the limits provided by the King and according to the needs of the Treasury, the amount and the financial conditions of the emissions of public borrowing referred to in § 1^er, 1°, as well as the powers necessary for the end of these emissions;
(b) the powers referred to in § 1^er2°; § 3 and § 4, paragraphs 3 and 4.
Art. 9. § 1. The Minister of Finance is authorized to raise interest income or interest expenditures resulting from public debt management operations, respectively, in deduction or dependant of interest credits from the "public debt" section of the general expenditure budget.
§ 2. It is also authorized to increase capital revenues or capital expenditures resulting from public debt management transactions related to the debt repayment dates, respectively, in deduction or debiting credits from the "public debt" section of the general expenditure budget.
§ 3. The provisions of § 2 do not apply to premiums paid during the sale or purchase of options.
Art. 10. By derogation from article 17 of Royal Decree No. 150 of 18 March 1935, coordinating the laws relating to the organization and operation of the Caisse des Dépôts et Consignations and making amendments under the Act of 31 July 1934, the interest rate to be increased in 2004 to the consignations, voluntary deposits and bails of all categories entrusted to the Caisse des Dépôts et Consignations Ministre,
Art. 11. For projects under their jurisdiction, for the implementation of Article 5, § 1^er, Regulation (E.C.) No. 1941/81 concerning an integrated development programme for the disadvantaged areas of Belgium, the financial resources to be allocated are paid to the budgets of the Regions.
These financial means are taken from the reimbursements to the Belgian treasury that the European Communities are required to make, as a cost of collection, pursuant to Article 3, 1°, 5th paragraph, of the decision of 21 April 1970 of the Council of Ministers of the European Communities on the replacement of Member States' contributions by resources specific to the European Communities, approved by the law of 23 December 1970.
The amounts to be transferred are determined by the Minister of Finance according to the competitions decided or provided by the Commission of the European Communities.
Art. 12. With a view to the implementation of Article 11 and Article 18, § 2, of the Regulation (EC, EURATOM) No 1150/2000 of the Council of 22 May 2000 implementing Decision 94/728/EC, Euratom relating to the system of the own resources of the Communities, the rights recognized not recorded, detected on the occasion of the controls, increased interest are made available to the European Commission.
By derogation from Article 3 of the Acts on State Accounts, coordinated on 17 July 1991, these rights observed increased of interest are taken from the reimbursements to the Belgian Treasure that the European Communities are required to make, as a collection charge, under Article 3, 1°, 5th paragraph, of the decision of 21 April 1970 of the Council of Ministers of the European Communities concerning the replacement of the contributions of the Member States by the European resources
Art. 13. Pursuant to Article 53, 1° of the special law of 16 January 1989 on the financing of communities and regions, as amended by the special law of 16 July 1993 to complete the federal structure of the State and by the special law of 13 July 2001 on refinancing of communities and extension of the fiscal competences of the regions, and taking into account:
-of the award referred to in Article 4, § 5 of the same special law of 16 January 1989 of the interest of delay, the charge of the interests of moratoriums, and fixed and proportional tax fines on the regional taxes referred to in Article 3 of the same special law;
- the situation referred to in Article 5, § 3, second paragraph, where the Flemish Region itself provides, from the 1999 taxation year, the real estate pre-payment tax service referred to in Article 3, 5 of the said special law;
the regional tax transfers referred to in Article 3 of the said special law, plus the above-mentioned interests and fines, are estimated for the fiscal year 2008 to 4.467.367.000 EUR for the Flemish Region, to 2.088.869.000 EUR for the Walloon Region and to 1.187.198.000 EUR for the Brussels Capital Region.
Art. 14. In accordance with Article 53, 2° of the special law of 16 January 1989 on the financing of communities and regions, as amended by the special law of 16 July 1993 to complete the federal structure of the State and by the special law of 13 July 2001 concerning the refinancing of the communities and the extension of the fiscal powers of the regions and taking into account the law of 23 May 2000 setting the criteria referred to in Article 39, § 2 of the said special law of 16 January 1989,
- the final balance of the 2006 budget year account;
- the difference between the initial estimate and the final fixing of the 2007 fiscal year
are estimated at 11.772.604.787 EUR for the Flemish Community and 7.825.604.486 EUR for the French Community.
Pursuant to section 59 of the Act of 31 December 1983 of institutional reforms for the German-speaking Community the transfer referred to in section 58nonies of the said Act for the 2008 fiscal year, including:
- the final balance of the 2006 budget year account;
- the difference between the initial estimate and the final fixing of the 2007 fiscal year
is estimated at 5.566.725 EUR for the German-speaking Community.
Art. 15. Pursuant to sections 53, 3 and 35octies of the special law of 16 January 1989 on the financing of communities and regions, as amended by the special law of 16 July 1993 to complete the federal structure of the State and by the special law of 13 July 2001 on the refinancing of communities and the extension of the fiscal powers of the regions, the transfers referred to in sections 34 and 35ter to 35septies for the fiscal year 2008, including:
- the final balance of the 2006 budget year account;
- the difference between the initial estimate and the final fixing of the 2007 fiscal year
are estimated at 5.619.268.626 EUR for the Flemish Region, 3.373.716.141 EUR for the Walloon Region and 846.590.041 EUR for the Brussels Capital Region.
Art. 16. The transfer referred to in section 65bis of the special law of 16 January 1989 on the financing of communities and regions, as amended by the special law of 16 July 1993 to complete the federal structure of the State and by the special law of 13 July 2001 on the refinancing of communities and the extension of the fiscal powers of the regions, including:
- the final balance of the 2006 budget year account;
- the difference between the initial estimate and the final fixing of the 2007 fiscal year
is estimated at EUR 25.397.873 for the French Community Commission and EUR 6.349.468 for the Flemish Community Commission.
Art. 17. The transfer referred to in section 46bis of the special law of 12 January 1989 on Brussels institutions, as amended by the special law of 13 July 2001 on transfer of various jurisdictions to regions and communities as well as by the special law of 13 July 2001 on refinancing of communities and extension of the fiscal competences of the regions, including:
- the final balance of the 2006 budget year account;
- the difference between the initial estimate and the probable estimate of the 2007 budget year
is estimated at 31.747.341 EUR.
Art. 18. Revenues for the benefit of communities and regions are paid, as the case may be, either to a general budget allocation fund or to a Treasury Board account.
Art. 19. This Act comes into force on 1^er January 2008.
Promulgate this law, order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels, 1^er June 2008.
ALBERT
By the King:
The Prime Minister,
Y. LETERME
Minister of Finance,
D. REYNDERS
The Secretary of State in Budget,
Mr. WATELET
Seal of the state seal:
Minister of Justice,
J. VAN DEURZEN
____
Note
(1) Parliamentary references:
Regular session 2007-2008
Parliamentary documents. - Bill No. 0993/001 and 0993/002. - Report No. 0993/003, 0993/004 and 0993/005. - Text adopted No. 0993/004.
Annales parliamentarians. - Discussion: sessions of 21-22 May 2008. - Adoption: meeting of 22 May 2008.
For the consultation of the table, see image