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Parliament Gives Green Light to 2020 MTBPS

November 16, 2020

Parliament

Parliament has agreed to the Fiscal Framework and Revenue Proposals contained in the 2020 Medium Term Budget Policy Statement (MTBPS).

The 2020 MTBPS was tabled in parliament on 28 October.

In a statement, parliament indicated that separate plenary sittings of the national council of provinces (NCOP) and the national assembly (NA) on 11 November 2020 gave the green light to the Fiscal Framework and Revenue Proposals.

This followed recommendations for its adoption from the NCOP’s select committee on finance and the NA’s standing committee on finance.

According to parliament, the committees highlighted a range of concerns and recommendations in their reports.

“These include the need for more details on how the R10.5 billion allocated to South African Airways would be spent and a recommendation for speedy establishment of the proposed Presidential State Owned Enterprises Council, which would provide strategic oversight of state-owned companies and ensure an end to their dependence on the fiscus.”

Parliament must now consider the 2020 Division of Revenue Second Amendment Bill and the 2020 Second Adjustments Appropriation Bill.

National treasury briefed the standing and select committees on appropriations on the two bills yesterday.

Meanwhile, the South African Revenue Service, in Government Gazette 43901, announced the imposition of a provisional payment in the form of a safeguard duty against the increased imports of bolts with hexagon heads of iron or steel up to and including 31 May 2021.