Division of Revenue Act, 2024 (Act No. 24 of 2024)Chapter 2 : Equitable Share Allocations6. Shortfalls, excess revenue and increasing equitable share |
| (1) | If the actual revenue raised nationally in respect of the 2024/25 financial year falls short of the anticipated revenue set out in Column A of Schedule 1, the national government bears the shortfall. |
| (2) | If the actual revenue raised nationally in respect of the 2024/25 financial year exceeds the anticipated revenue set out in Column A of Schedule 1, the excess accrues to the national government, and may be used to reduce borrowing or pay debt as part of its share of revenue raised nationally. |
| (3) | Further allocations may be made from the excess revenue envisaged in subsection (2), in accordance with the applicable legislation envisaged in section 12 of the Money Bills and Related Matters Act, 2009 (Act No. 9 of 2009), to— |
| (a) | national departments; |
| (b) | provinces; or |
| (c) | municipalities. |
| (4) |
| (a) | If any expenditure from contingencies is approved in terms of the Appropriation Act, 2024, to increase the equitable share of provinces or municipalities, the National Treasury must increase the equitable share per province or per municipality by notice in the Gazette. |
| (b) | The increase referred to in paragraph (a) takes effect on the date of publication in the Gazette. |
| (c) | Section 22 of this Act applies with the necessary changes in relation to the increase referred to in paragraph (a). |