OPINION: Creating billions out of thin air: An analysis on the Division of Revenue Amendment Bill By: By Kerwin Jacobs
The Division of Revenue Amendment Bill was passed by the NCOP yesterday and is waiting on the President to sign it into law. The bill will allow the National Treasury to reallocate funds to local governments as part of the President's R500 billion"social relief and support package" announced in April.
The Treasury made a R7.2bn downward adjustment to provincial grants, and a R3.6bn downward adjustment of conditional grants to local municipalities. It stands to reason that this is the R11bn equitable share allocation from schedule 1. The Treasury notes in their presentation that the above table was not included in the bill as this is not new funding; it is funding already given to the provinces for other projects and this is how it is to be spent now.
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