No tax, duty, impost or excise shall be imposed, increased, reduced or abolished, except by law. No exemption from payment of
any tax, duty, impost or excise imposed by law shall be granted, except as authorized by law.
None of the public revenues shall be expanded, except as authorized by law.
The fiscal year shall be fixed by special law. The Council of Ministers shall, with the approval of the Emperor, and in accordance
with the requirements of the law, present to Parliament a draft of a law for the approval of the budget of the following year, which
budget shall accompany the said draft of law.
Each of the Chambers of Parliament shall examine the said budget in detail and vote on it item by item. Parliament shall, under no
circumstances, increase the total sum set down in the budget for expenditures. The allowance for unforeseen expenses in the said
budget shall be filed by Parliament. Parliament shall complete the budget for submission to the Emperor, at least one month
before the beginning of the new fiscal year.
If the draft of law presented, as provided in Artical 116, has not been approved by Parliament and proclaimed as law before the
beginning of the new fiscal year, the budget of the previous year shall continue in force until a new budget law has been
If additional funds are urgently required in the course of any fiscal year, the Minister or Ministers concerned, shall present a
supplementary budget to the Council of Ministers, who, with the approval of the Emperor, may present an appropriate draft of law
to the Chamber of Deputies.
No loan or pledge, guaranty or collateral thereof, may be contracted for, within or without the Empire, by any governmental
organization within the empire, except as authorized by a law duly adopted in accordance with the provisions of Articals 88, 89 or
90 of the present Constitution.
Within four months after the end of every fiscal year, the Council of Ministers shall present to the Emperor and to Parliament a
detailed report on the receipts and expenditures of the said year. The report shall immediately referred to the Auditor General,
who shall, within three months, present his comments thereon to the Emperor and to Parliament.
There shall be an Auditor General who shall be appointed by the Emperor. He shall be a person who is known to be of the highest
character, as well as posses the requisite technical capacity. His functions shall be defined by law. They shall include the auditing
of the accounts of all Ministries, Departments and Agencies of the Government, and the making of periodical reports to the
Emperor and to Parliament on the fiscal operations of the Government. The Auditor General shall, at all times, be entitled to have
access to all books and records relating to the said accounts.