National Assembly approve Division of revenue bill that will determining each province’s equitable share.
In the quest to have a stability, South Africa’s National Assembly has approve the division of revenue bill. The Division of Revenue bill will provide for equitable division of funds raised nationally. It will also be for the national, provincial and local spheres of government for a particular financial year.
The Division of Revenue bill will provides for determining each province’s equitable share of the provincial share of revenue and for any other allocations to provinces, local government or municipalities from the national government’s share of revenue.
During their sitting, the Standing Committee on Appropriations draw attention to several issues. This issues include the capacity of provincial and local government to spend conditional grants (about which it expressed concern). It also include increasing numbers of municipalities in financial distress, increasing adoption of unfunded budgets and declining unqualified audit opinions.
During the session, the legislators made amend on the Financial Matters Amendment Bill to the Insolvency Act of 1936, the Military Pensions Act of 1976, the Banks Act of 1990 and the Government Employees’ Pension Law of 1996.
The Bills will now go to the National Council of Provinces for consideration.