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FINANCIAL LEGISLATION: INPUT SOUGHT ON TWO BILLS
- 19 February 2024
- Parliament
- SA Legal Academy
The National Assembly’s Standing Committee on Finance has called for written submissions by 11 March 2024 on the Pension Funds Amendment Bill and the Democratic Alliance’s (DA’s) Responsible Spending Bill. This is in anticipation of parliamentary hearings scheduled to be held on both Bills the following day.
Tabled in January 2024, the Pension Funds Amendment Bill seeks to provide for the tax treatment of contributions to and withdrawals from eligible retirement funds under the two-pot system. This is with the aim enabling retirement funds to appropriately implement amendments to the Income Tax Act proposed in the Revenue Laws Amendment Bill, 2023.
The DA’s Responsible Spending Bill was tabled in April 2023 and seeks to introduce statutory fiscal rules with the intention of containing national debt and debt service costs. The Bill ‘also seeks to ensure that control over the fiscus is the subject of parliamentary oversight, and as such is transparent and reviewable’.
- committee notice
- Pension Funds Amendment Bill
- Responsible Spending Bill
Published by SA Legal Academy Policy Watch