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The Public Finance Management Act, 1999 (PFMA; Act No. 1 of 1999) is the primary public finance management law in South Africa. It delineates standards for expenditure, accounting, and reporting for public entities. Its scope is generally limited to entities of national and provincial governments.
In 2018 VBS Bank collapsed, affecting the deposits of 14 municipalities. These deposits, which were all illegal in terms of the Municipal Finance Management Act (MFMA), included a R245 million deposit by Fetakgomo Tubatse Municipality, and a R161 million deposit by Giyani Municipality. [18]
South Africa's municipalities may, in terms of the Constitution of the Republic of South Africa, 1996, make by-laws for the effective administration of the matters it has a right to administer. The areas within which a municipality may make by-laws are listed in Schedule 4 Part B, and Schedule 5 Part B, of the Constitution.
Legal Aid South Africa Act, 2014: 40: Attorneys Amendment Act, 2014: 41: Development Bank of Southern Africa Amendment Act, 2014: 42: Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2014: 43: Taxation Laws Amendment Act, 2014: 44: Tax Administration Laws Amendment Act, 2014
In mid-2018 the South African Reserve Bank (SARB) instructed municipalities to withdraw their deposits in the bank as the Municipal Finance Management Act prevented them from depositing public funds in mutual banks. This, along with mismanagement and corruption within the bank, created a liquidity crisis for the bank. [7]
This is a list of acts of the Parliament of South Africa enacted in the years 2000 to 2009. South African acts are uniquely identified by the year of passage and an act number within that year. Some acts have gone by more than one short title in the course of their existence; in such cases each title is listed with the years in which it applied.
The Interpretation Act [4] defines it as "any law, proclamation, ordinance, Act of Parliament or other enactment having the force of law." [5] The Constitution of South Africa, which has the force of supreme law, [5] and as such sets the standards and requirements for the construction and construal of statutes, also provides a definition of ...
Banking in South Africa is centred on the South African Reserve Bank (SARB), which is the monetary authority and controls gold and foreign exchange reserves. [ 1 ] Legislation and regulatory authorities