Presenting the Fiscal Council’s most important activities in the last year, its President Dr Pavle Petrovic said that the Fiscal Council took part in the drafting of the Law amending the Law on Pension and Disability Insurance, passed by the National Assembly in December 2014, which secured the mid and long-term sustainability of public finances. Petrovic added that the Fiscal Council played a part in the preparations of public enterprise reforms, tax administration reforms and the achievement of fiscal consolidation. The Fiscal Council also drafted a report on the improvement of the budget process, said Dr Pavle Petrovic.

In the discussion, the Committee members received additional information on the course of the public enterprise reforms and tax administration reforms. They also spoke about the spread and suppression of grey economy. The Committee members agreed with the Fiscal Council President that it would be very useful to improve and intensify the Committee’s cooperation with the Fiscal Council by having follow-up meetings at least once every quarter.

The Committee will establish the Conclusion proposal on the reviewed Fiscal Council 2014 Activity Report at one of the upcoming sittings.

The Committee then went on to discuss the State Audit Institution 2014 Activity Report, elaborated by State Audit Institution Council President Radoslav Sretenovic.

Sretenovic briefed the Committee members on the 2014 annual programme of audits, opinions given, irregularities established and the effects of the audits. He said that, in 2014, the State Audit Institution issued 135 audit reports covering public expenditure of 2,352 billion RSD in total.

In the course of the discussion, the Committee members emphasised the excellent cooperation the Committee has with the State Audit Institution, and decided to establish the Conclusion proposal on the reviewed State Audit Institution 2014 Activity Report at one of the upcoming sittings

The sitting was chaired by Committee Chairman Veroljub Arsic.