Division of Revenue Act, 2020 (Act No. 4 of 2020)Chapter 4 : Matters relating to all Allocations24. Amendment of payment schedule |
(1)
| (a) | Subject to subsection (2), a transferring officer of a Schedule 4 or 5 allocation must, within seven days of the withholding or stopping of an allocation in terms of section 18 or 19, submit an amended payment schedule to the National Treasury for approval. |
| (b) | No transfers may be made until the National Treasury has approved the amended payment schedule. |
| (2) | For purposes of better management of debt and cash-flow or addressing financial mismanagement or financial misconduct or slow or accelerated expenditure, the National Treasury may amend any payment schedule for an allocation listed in Schedule 2, 4 or 5, after notifying, in the case of— |
| (a) | an allocation to a province, its provincial treasury; |
| (b) | an allocation to a municipality, the national department responsible for local government; |
| (c) | a Schedule 4 or 5 allocation, the relevant transferring officer. |
| (3) | The amendment of a payment schedule in terms of subsection (1) or (2) must take into account— |
| (a) | the monthly expenditure commitments of provinces or municipalities; |
| (b) | the revenue at the disposal of provinces or municipalities; and |
| (c) | the minimisation of risk and debt servicing costs for all three spheres of government. |
| (4) | The transferring officer must immediately inform the receiving officer of any amendment to a payment schedule in terms of subsection (1) or (2). |