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Public Finance Management Act, 1999

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To regulate financial management in the national government and provincial governments; to ensure that all revenue, expenditure, assets and liabilities of those governments are managed efficiently and effectively; to provide for the responsibilities of persons entrusted with financial management in those governments; and to provide for matters connected therewith.

 

Last update: April 2012


Copyright: This Act reproduced under Government Printers Copyright Authority 10154 dated 20 March 1996


Disclaimer: This Act is presented "as is". Please read our Disclaimer before continuing.


 

Latest Developments:

 

The Public Finance Management Act, 1999 (Act No. 1 of 1999) has been updated by Government Gazette 27121.

 

The Public Finance Management Act, 1999 (Act No. 1 of 1999) has been amended by Government Gazette 32152.

 

This Act has been updated by Notice No. 218 in Government Gazette No. 34112 dated 11 March 2011.

 

This Act has been updated by Notice No. 3 of 2011 – rate of interest on Government Loans – in Government Gazette No. 33915 dated 7 January 2011.

 

The Act has been updated by Notice 761 – Statement of the National Revenue Expenditure and Borrowing, in Government Gazette No. 33510 dated 30 August 2010.

 

This Act has been updated by a Statement of National and Provincial Governments’ Revenue, Expenditure and National Borrowing, as at 31 March 2010.

 

This Act has been updated with Government Notice No. 886 of 2009 – statement of the National Revenue, Expenditure and Borrowing as at 31st July 2009, published in Government Gazette No. 32541 dated 31st August 2009.

 

This Act has been updated by Notice No. 935 of 2009 regarding "Rate of Interest on Government Loans" published in Government Gazette No. 32349 dated 3 July 2009.

 

The Act has been updated with Notice No. 179 of 2009 relating to Rate of Interest on Government Loans, published in Government Gazette No. 31893 dated 20 February 2009.

 

The Public Finance Management Act, 1999 (Act No. 1 of 1999), has been updated with Government Notice No. 516 dated 9 May 2008 relating to Prescribing Standards of GRAP; and Notice No. 830 of 2008 being Rate on the Interest on Government Loans dated 4 July 2008.

 

The Act has been updated by the following :

Notice No. 1051 of 2002 – Interest rate for Debt owing to the State – published in Government Gazette No. 23565 dated 27 June 2002;

Notice 1410 of 2002 – Interest to the levied on Debts owing to the State – published in Government Gazette No. 23727 dated 8 August 2002;

Regulations for Accounting Standards Board published in Government Gazette No. 25217 dated 25 July 2003 ;

‘Amendment of Treasury Regulations in terms of Section 76’ – being Notice No. R. 225 in Government Gazette No. 27388 dated 15 March 2005;

‘Borrowing Powers of Water Boards" appearing in Government Gazette No. 28150 dated 28 October 2005;

Prescribed Standards of Generally Recognised Accounting Practice (GRAP) in Government Gazette No. 28095 dated 7 December 2005 (being Notice No. R.991); and

Prescribing Standards of Generally Accepted Municipal Accounting Practice (GAMAP) in the same Government Gazette – being Notice No. R.992;

‘Ministerial Advisory Committee on Mass Literacy Campaign’ published in Government Gazette No. 29372 dated 10 November 2006;

An Amendment to Treasury Regulations in terms of Section 76 – being Notice No. R.146 published in Government Gazette No. 29644 dated 20 February 2007;

‘Borrowing Limits’ – CSIR Annual Limits in Government Gazette No. 30118 dated 3 August 2007;

Notice No. 41 of 2008 – Rate on the Interest on Government Loans – in Government Gazette No. 30666 dated 13 December 2007.

 

The Rate of Interest on Government Loans has been changed (section 80 of the Act).

An amendment to Treasury Regulation 16 (definition of institutional function) has been made as gazetted in GG 28229 dated 18 September, 2003.

The Act has been updated by the addition of the Normative Measures for Financial Management (Phase 1: Perfecting the Basics).

The Act has been extensively updated:

Treasury Regulations for departments, trading entities, constitutional institutions and public entities has been updated.

Guidelines for Accounting Officers has been added.

Guidelines for Annual Reports has been added.

Best practice guidelines for In-year Management, Monitoring and Reporting has been added.

Treasury Practice Notes 1 and 2 of 2000 have been added.

Note that the "Referenced by" button in the Act will cross reference the section of the Act to all relevant Regulations, Guidelines and Practice Notes.

 

The following bulleted items have been Gazetted but not yet added to the Public Finance Management Act on Acts Online:

Listing of Public Entities – GG 22321 dated 1 June 2001,

Implementation of the National Plan for Higher Education – GG 22329 dated 25 May 2001,

Exemptions – GG 22337 dated 8 June 2001,

Re-classification of Public Entities – GG 22337 dated 8 June 2001,

Listing of Public Entities – GG 22577 dated 24 August 2001,

Exemptions – GG 22801 dated 9 November 2001

Listing of Public Entities – GG 22860 dated 30 November 2001.

 

The Treasury Regulations on Government Payroll Deductions have been added to the Act as published in Gazette 21534 and dated 1 September 2000, and replace the draft regulations.

It is hereby notified that the uniform interest rate applicable to loans granted out of a Revenue Fund and all other debts which must be paid into a Revenue Fund, is 14,75% with effect from 1 September 2000.

The Draft Treasury Regulations on Government Payroll Deductions have been added to the Act as published in Gazette 21433 and dated 1 August 2000, and take effect on the 1 September 2000.

The Treasury Regulations as published in Government Gazette 21249 dated 31 May 2000, and the Draft Treasury Regulations for Public Entities as published in Government Gazette 21288 dated 15 June 2000, have been added to the Act.

It is hereby notified that the Standard Interest Rate on loans granted by the State out of the State Revenue Fund, is fixed at 15% per annum, and is applicable from 1 June 2000, as published in Notice 1996 and dated 26 May 2000.

Notice 343 regarding Exemptions has been added to the Act as published in Gazette 21054 and dated 1 April 2000.

Various amendments have been made by the Public Finance Management Amendment Act, 1999, dated 30 April 1999, and will come into operation on the 1 April 2000.

The Public Finance Management Act, 1999, has been added as published in Government Gazette 19814, and dated 2 March 1999.The Act took effect on the 1 April 2000, except for Chapter 11 and Section 93(4) which took effect on 2 March 1999.

Sections 13(2), 22(2), 52, 66(3), 66(7)(b) and 70(1)(b) will take effect on 1 April 2001. Proviso to 15(1)(a)(ii), sections 18(2)(a), 27(3)(e) and 38(2) will take effect on 31 August 2001. Section 27(4) will take effect on 1 August 2002. Sections 8 and 19 will take effect on 1 April 2003.