As the National Assembly and National Council of Provinces prepare for their Easter break, we thought to revisit and reflect on the fiscal framework process that has unfolded before our eyes in recent weeks. We wanted to reflect on the responsibilities the standing committee on finance in parliament in facilitating the process of establishing a report and passing the budget. The framework establishes economic policy and revenue projections and sets the overall limits for government spending. The fiscal framework report is established through a multi-stage process involving economic projections, revenue estimates, expenditure planning, and parliamentary scrutiny.

This year, the budget included six proposed bills: (1) the Division of Revenue Bill, (2) the Appropriation Bill, (3) the Eskom Debt Relief Amendment Bill, (4) the Public Sector Pension and Related Payments Bill, (5) the Revenue Laws Amendment Bill, and (6) a bill for the Public Sector Pension and Related Payments. The 2025 Budget Speech also included the Budget Review and the Estimates of National Expenditure. Given the current contestations and debates about the 2025 budget, Parliament has an important role in guiding how the fiscal framework is considered. While indicating the VAT increase as a revenue source, the fiscal framework is a policy document and does not legally mandate the tax. The Rates Bill is the legal mechanism for enacting VAT increases and other tax rate changes. To help us unpack this process further, we are joined by….

 Guest: Dr Joseph Maswanganyi - Chairperson of the Standing Committee for Finance in Parliament