The Ministry of Economy and Finance (MEF) carries out the tasks and responsibilities of the State in the fields of economic policy, financial policy, budgeting, and tax policies. Additionally, it carries out all activities related to the coordination of public spending and its oversight, planning of public investments, monitoring and oversight of public financial management, public debt management, and of State stockholdings.
Tasks and responsibilities
In actively managing economic and financial policy, the Ministry:
- Drafts economic and financial policy guidelines and coordinates public finance intervention in keeping with the stability and convergence criteria established by the EU;
- Drafts economic and financial projections and monitors general spending and revenue trends;
- Prepares the revenue and financial accounts for public administrations, oversees all phases of the national budget, and assesses the economic and financial effects of laws and policies;
- Drafts public finance documents;
- Manages the State’s stock portfolio.
The Ministry comprises the following departments:
- Department of the Treasury
- State General Accounting Department
- Department of Finance
- Department of General Administration, Personnel, and Services
The Administrative Offices of the regional and provincial Tax Commissions are associated organizations of the Ministry; together with the personnel of the Supporting Offices for the Council of the Presidency for Tax Laws, its staff reports to the Department of Finance.
The Territorial Accounts Units are local bodies of the Ministry; they report functionally and organically to the State General Accounting Department.
The Territorial Accounts Units are responsible for monitoring public finances of local government bodies. They oversee administrative and accounting compliance for all administrative acts which have an impact on the State budget; and monitor all local bodies, offices, and any other authority relevant to the functioning of local services.
With regards to tax policy, the Ministry avails itself of the support of the Tax Agencies (Revenue Agency, State Property Agency, Customs and Monopolies Agency) whose contributions are regulated by ad hoc Agreements.