Petroleum Pipelines Levies Act, 2004 (Act No. 28 of 2004)3. Disposal and management of levies |
| 1) | The levies imposed, levies varied and interest determined under section 2(1) form part of the funds of the Authority. |
| 2) | The levies and interest collected by the Authority must be paid into a bank account designated for that purpose by the Authority and approved by the National Treasury in terms of section 7(2) of the Public Finance Management Act. |
| 3) |
| a) | At least six months before the start of the financial year of the Department of Minerals and Energy, or such other period as may be agreed upon between the Minister and the Authority, the Authority must submit to the Minister- |
| i) | a budget of estimated revenue and expenditure for the next financial year of the Authority as required by section 53 of the Public Finance Management Act; and |
| ii) | a business plan in the format prescribed under section 54(1) of the Public Finance Management Act, covering the affairs of the Authority for the following three financial years. |
| b) | The budget and business plan contemplated in paragraph (a) must be submitted for the approval of the Minister and the concurrence of the Minister of Finance. |