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Ministry of Finance and Economic Affairs

Regulation no. 83/2000 regarding the credit and account transactions of A-budget government agencies

Art. 1

Government agencies under the A-budget may keep accounts in commercial and savings banks in order to make daily payments, subject to the limits of Article 2. The Minister of Finance may decide that agencies with substantial financial transactions keep their accounts with the Central Bank.

Art. 2

Government agencies may not finance their operations with overdrafts on bank accounts.

Art. 3

Government agencies may defer payments for up to 90 days for purchases of goods and services, provided the purchases are within budget limits.

Art. 4

Government agencies may extend credit for sales of goods and services, generally for 30 days and never longer than for 90 days. Interest on overdue payments shall be computed if payment is not received on the final due date.

Art. 5

Authorisation must be sought in writing from the Ministry of Finance and the competent ministry for all commitments for periods in excess of 90 days. All commitments with a longer payment period than 90 days must be formally established.

Art. 6

Government agencies may not commit the Treasury with lease-purchase or lease-financing contracts without legal authorisation or with the consent of the Ministry of Finance and the competent ministry.

Art. 7

This regulation is issued in accordance with Articles 32 and 39 of the Financial Reporting Act no. 88/1997 and enter into effect herewith.

The Ministry of Finance, January 28th 2000



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Disclaimer: This section of the site details available translations on legislation relating to the Government Offices in Iceland. In case of any discrepancies between the translations and the original text in Icelandic, the original text as published in the Icelandic Legal Gazette prevails.

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