[Section 8 heading substituted by section 7(a) of Notice No. 17, GG 42170, dated 17 January 2019]
| (1) |
The National Assembly and the National Council of Provinces must refer the fiscal framework to their respective committee on finance. |
[Section 8(1) substituted by section 7(b) of Notice No. 17, GG 42170, dated 17 January 2019]
| (2) |
The committees must conduct joint public hearings on the fiscal framework. |
[Section 8(2) substituted by section 7(b) of Notice No. 17, GG 42170, dated 17 January 2019]
| (3) |
The committees must, within 16 days after the tabling of the national budget or as soon as reasonably possible thereafter, report to the National Assembly or the National Council of Provinces, as the case requires, on the fiscal framework. |
[Section 8(3) substituted by section 7(b) of Notice No. 17, GG 42170, dated 17 January 2019]
| (4) |
The report must include a clear statement accepting or amending the fiscal framework. |
[Section 8(4) substituted by section 7(b) of Notice No. 17, GG 42170, dated 17 January 2019]
| (a) |
ensure that there is an appropriate balance between revenue, expenditure and borrowing; |
| (b) |
ensure that debt levels and debt servicing charges are reasonable; |
[Section 8(5)(b) substituted by section 7(c) of Notice No. 17, GG 42170, dated 17 January 2019]
| (c) |
ensure that the cost of recurrent spending is not deferred to future generations; |
| (d) |
ensure that there is adequate provision for spending on infrastructure development, overall capital spending and maintenance; |
| (e) |
consider the short, medium and long term implications of the fiscal framework, division of revenue and national budget on the long-term growth potential of the economy and the development of the country; |
| (f) |
take into account cyclical factors that may impact on the prevailing fiscal position; and |
| (g) |
take into account all public revenue and expenditure, including extra-budgetary funds, and contingent liabilities. |
| (6) |
If the report includes amendments to the fiscal framework or revenue proposals— |
| (a) |
amendments to the revenue proposals must comply with section 11(3) of this Act; |
| (b) |
the Minister must be given at least two days to respond to the report and any proposed amendments prior to the submission of the respective reports to the Houses; and |
| (c) |
the respective reports of the committees on finance must include the responses of the Minister. |
| (7) |
[Section 8(7) deleted by section 7(d) of Notice No. 17, GG 42170, dated 17 January 2019] |
| (8) |
If there is a material difference in the resolutions passed by the National Council of Provinces and the National Assembly, the National Assembly must reconsider its resolution, taking into account the differences with the resolution passed by the National Council of Provinces, and pass its resolution again with or without amendments. |
| (9) |
Any amendments to the Division of Revenue Bill, the revenue Bills or the Appropriation Bill must be in accordance with the estimates of revenue and expenditure, excluding statutory expenditure, debt service cost and the contingency allowance as contained in the resolution of the National Assembly which adopted the fiscal framework. |
Housing Development Agency Act, 2008
