Latest news with #DivisionofRevenueandAppropriationBills
Eyewitness News
09-06-2025
- Business
- Eyewitness News
Fiscal framework, revenue proposals underpinning national budget set to be debated by parties
CAPE TOWN - It's a big week ahead for Minister of Finance Enoch Godongwana as the fiscal framework and revenue proposals that underpin the national budget face a tough test to meet political muster. Godongwana tabled a new budget in May after the first budget was nixed before it could be tabled, and the second was taken to court after the Democratic Alliance (DA) refused to accept an increase in the standard value-added tax (VAT) rate. While the budget is still expected to face fierce objection from opposition parties when it's debated on Wednesday, it's less likely to be rejected by coalition partners in the Government of National Unity (GNU). Last week, the third version of Budget 2025 passed the crucial first test of meeting the approval of Parliament's finance committees, although not all parties are represented in these structures. ALSO READ: • Parliament's Standing Committee on Finance chair Maswanganyi says debate on fuel levy hike not over • Parliament's finance committee approves fiscal framework, revenue proposals underpinning budget • Main opposition parties reject Treasury's assertion of pro-poor budget The uMkhonto weSizwe (MK) Party and Economic Freedom Fighters (EFF), however, still vehemently oppose this version of the budget, saying it's one of austerity and not pro-poor. The EFF last week lost a bid to get the minister to scrap the fuel levy increase, which is expected to generate R4 billion in revenue to fund the more than R2 trillion budget. Both houses will sit in separate sessions on Wednesday to approve the fiscal framework and revenue proposals, paving the way for the Division of Revenue and Appropriation Bills to be tabled before the relevant finance committees for consideration. State departments will then also have to appear before Parliament's portfolio committees to detail their expenditure plans for the next year before the Appropriation Bill is considered for approval at the end of July.
Eyewitness News
30-04-2025
- Business
- Eyewitness News
Parly finance committee chair doesn't fear not being able to pass national budget within prescribed time limit
CAPE TOWN - Chairperson of Parliament's standing committee on finance says he doesn't fear not being able to pass a national budget within the legally prescribed time limit. Joe Maswanganyi expects the finance minister to table a new budget before the end of May as the clock ticks down on the four-month deadline following the start of a new financial year. On Wednesday, Treasury is expected to provide details on how it expects the new budget process to unfold. Parliament has had to put its budget calendar on ice following the withdrawal of the Division of Revenue and Appropriation Bills that were tabled in March. As it now prepares for budget number 3, Maswanganyi is not concerned that the process is having to start from scratch. READ: Treasury set to brief media on budget process following VAT reversal 'We are still within time, it will be a problem if it's beyond the end of July. We believe if the minister can table the budget now, in May, the budget will be adopted before the end of July.' Should the process take longer than four months since the start of the financial year, the finance minister will only be able to spend up to a third of the previous year's budget. Maswanganyi cancelled Wednesday's meeting of the committee, which was due to get its first briefing on the new tax bill the minister introduced to Parliament last week aimed at reversing his proposal to hike the value-added tax (VAT) rate. Maswanganyi said his committee will wait for a new fiscal framework to be tabled first to ensure the new tax bill is aligned.
