FOUR BUDGET-RELATED BILLS TABLED IN PARLIAMENT

FOUR BUDGET-RELATED BILLS TABLED IN PARLIAMENT

• 22 February 2024
• Parliament
• SA Legal Academy

National Treasury has tabled four Budget-related Bills in Parliament:

• the Gold & Foreign Exchange Contingency Reserve Account Defrayal Amendment Bill
• the Second Adjustments Appropriation (2023/24 Financial Year) Bill (which provides for additional appropriations by Parliament of money from the National Revenue Fund for the requirements of the state in the 2023/24 financial year)
• the Appropriation Bill (which prescribes conditions for the spending of funds withdrawn from the National Revenue Fund for the 2025/26 financial year), and
• the Division of Revenue Bill (which provides for the equitable division of revenue raised nationally among the national, provincial and local spheres of government for the 2024/25 financial year) .

The Gold & Foreign Exchange Contingency Reserve Account Defrayal Amendment Bill gives effect to an agreement between National Treasury and the South African Reserve Bank. With that in mind, it provides for ‘a direct charge for the 2024/25 financial year (and ‘any financial year following’) against the National Revenue Fund for the contingency reserve requirements of the South African Reserve Bank and must be attributed to the vote of National Treasury’.

Published by SA Legal Academy Policy Watch

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