The Division of Revenue Bill and the Appropriation Bill have been signed into law.
The 2020 Division of Revenue Bill was passed by parliament and sent to president Ramaphosa for assent at the beginning of June 2020.
The bill was tabled in parliament on 26 February 2020.
The national assembly passed the bill and sent it to the national council of provinces for concurrence in March 2020.
The Division of Revenue Act, published in Government Gazette 43467, aims to provide for:
• the equitable division of revenue raised nationally among the national, provincial and local spheres of government for the 2020/21 financial year;
• the determination of each province’s equitable share;
• allocations to provinces, local government and municipalities from national government’s equitable share;
• the responsibilities of all three spheres pursuant to such division and allocations; and
• to provide for matters connected therewith.
The 2020 Appropriation Bill was passed by parliament and sent to president Ramaphosa for assent at the end of last week.
The national assembly passed the bill and sent it to the national council of provinces for concurrence last week.
The bill was tabled in parliament in February 2020.
The Appropriation Act, published in Gazette 43468, aims to:
• appropriate money from the National Revenue Fund for the requirements of the State for the 2020/21 ﬁnancial year;
• prescribe conditions for the spending of funds withdrawn for the 2021/22 ﬁnancial year before the commencement of the Appropriation Act for the 2021/22 ﬁnancial year; and
• provide for matters incidental thereto.
Meanwhile, in an address at the Sustainable Infrastructure Development Symposium in Pretoria, president Ramaphosa indicated that, globally, both advanced and developing economies are looking to infrastructure as one of the key sectors to stimulate economic recovery efforts from the impact of COVID-19.
The president confirmed that government has placed infrastructure at the centre of the stimulus the local economy needs to achieve a sustainable recovery.
He pointed out that government is “looking at policies that facilitate economic recovery, such as introducing stimulus packages that boost government’s infrastructure spending; creating financing instruments that provide liquidity, bridge financing or debt restructuring instruments as well as guarantee products and funds”.
Government also intends encouraging “proposals from private developers for sustainable and resilient infrastructure projects, offering a clear and expedited path for their approval”.
“We will seek to prioritise proposals for infrastructure sectors that are important to economic recovery and resilience, including energy, transportation, health care and digital infrastructure.”
The president emphasized that government plans to address investment policy uncertainties, accelerate SOE reforms and develop necessary infrastructure policy reforms.
In collaboration with the private sector, government will develop technical and financial engineering capacity in the state.