National Treasury Publishes Draft PFMA and Related Laws Amendment Bill, 2026

Posted 05 November 2026 Written by Acts Online
Category Public Finance

Brought to you by SA Accounting Academy: National Treasury has released the draft Public Finance Management and Related Laws Amendment Bill, 2026 for public comment alongside the 2026 Medium Term Budget Policy Statement (MTBPS), initiating the first comprehensive overhaul of public finance management legislation in 26 years.

The draft Bill establishes a statutory fiscal anchor to strengthen public expenditure safeguards and address structural deficiencies across governance, fiscal policy, and accountability. Substantively, the draft Bill formally repeals the Exchequer Act, No. 66 of 1975 and proposes extensive amendments to the Public Finance Management Act, No. 1 of 1999 (PFMA).

Related Legislative Amendments

In addition to amending the PFMA, the draft Bill proposes harmonising amendments across several interconnected public finance statutes, including:

  • Amendments to the Money Bills and Related Matters Act, No. 9 of 2009;
  • Revisions to the Financial and Fiscal Commission Act, No. 99 of 1997; and
  • Amendments to the Public Audit Act, No. 25 of 2004 regarding institutional oversight and reporting mechanisms.

National Treasury published the legislation alongside the companion draft Local Government: Municipal Finance Management Amendment Bill, 2026, which introduces corresponding financial governance reforms across local government structures.

Click here to download the Draft Public Finance Management and Related Laws Amendment Bill, 2026 and the accompanying 16-page Memorandum on Objects.

What this means for you, your business, or your clients

  • For yourself: Review the draft Bill and explanatory memorandum to assess proposed shifts in public sector accounting standards, fiscal rules, and statutory personal liability for accounting officers.
  • For your business: Update internal audit, advisory, and compliance frameworks to accommodate upcoming reporting, budgeting, and audit standard changes across public sector audit engagements.
  • For your clients: Advise organs of state, constitutional institutions, and public entities on upcoming fiscal discipline mandates, procurement alignment, and modified oversight mechanisms under the amended PFMA.

Originally published at https://accountingacademy.co.za/news/read/national-treasury-draft-pfma-and-related-laws-amendment-bill-2026

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