Consideration of revenue Bill rescheduled
The consideration of the Division of Revenue Amendment Bill for 2016/17 will have to be rescheduled following two failed attempts by the National Assembly to pass the critical Bill.
National Treasury said in a statement on Friday that the Bill was still on track to be passed before the end of the year.
The Division of Revenue Amendment Bill proposes adjustments to the equitable share of national government revenue and to conditional grants to provinces and municipalities.
Crucially, only after the Division of Revenue Amendment Bill is passed by both the National Assembly and the National Council of Provinces (NCOP), can the Adjustments Appropriation Bill for 2016/17 – proposing adjustments to appropriations to national government – be considered by the National Assembly and the NCOP.
National Treasury stated that adjustments to allocations contained in the two Bills were critical for the continued provision of services by a number of government institutions.
“If the Bills are not passed before the end of 2016, it will mean that government departments are not able to access any of the additional funds allocated to them,” Treasury stated.
National Treasury said that the delayed departmental spending of increased allocations could hamper service delivery and could also mean that departments were unable to spend funds effectively before the end of the 2016/17 financial year.
“Where the Bills propose allocation reductions, these are not yet approved and institutions may spend the funds before the Bills are law. If so spent, institutions will be unable to return the required funds to the fiscus after the Bills have become law. Ultimately institutions would then be deemed to have overspent their budget allocations at financial year-end,” the department added.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation