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Information about the Ministry
The Ministry of Finance is at the heart of South Africa ’s economic and fiscal policy development. The Minister of Finance and Deputy Minister of Finance are responsible for a range of state entities that aim to advance economic growth and development, and to strengthen South Africa ’s democracy.
The National Treasury is responsible for coordinating macroeconomic policy and promoting the national fiscal policy framework. Its role is defined by the Constitution of the Republic of South Africa and in the Public Finance Management Act. The National Treasury coordinates intergovernmental financial relations, manages the budget preparation process and exercises control over the implementation of the annual national budget, including any adjustments budgets. The National Treasury also performs functions assigned to it in other legislation.
The South African Revenue Service (SARS) is mandated by the South African Revenue Service Act (1997) to collect all tax revenues that are due, to provide a customs service, to protect national borders and to facilitate trade. SARS also works to expand the pool of tax contributors by promoting awareness of the obligation to voluntarily comply with tax and customs laws. SARS aims to conduct its activities in a way that enhances economic growth and social development. SARS reports to Minister of Finance. (more...)
The Public Investment Corporation (PIC) is a government-owned investment management company – and one of the largest investment managers in the country. Founded in 1911, it became a corporate entity in terms of the Public Investment Corporation Act (2004). The PIC invests funds on behalf of public-sector entities. Its largest client is the Government Employees Pension Fund. (more...)
The Government Employees Pension Fund (GEPF) was established in terms of the Government Employees Pension Law (YEAR) to manage and administer pension matters/schemes related to government employees. The GEPF is self-funded. With a membership of about 1,2 million and 225 000 pensioners, it is one of South Africa ’s largest pension funds.(more...)
The Financial Intelligence Centre (FIC) was established by the Financial Intelligence Centre Act (2001). The FIC aims to identify the proceeds of unlawful activities and to combat money-laundering. The centre makes information that it collects available to various police, prosecution, revenue and state investigating authorities. The FIC monitors compliance with the act and gives guidance to accountable institutions, supervisory bodies and others. The Minister of Finance is responsible for the FIC. (more...)
Financial Sector Conduct Authority (FSCA) regulates and supervises the market conduct of financial institutions in South Africa. The mandate of the FSCA is to enhance and support the efficiency and integrity of the financial system, and to protect financial customers. As stated in section 57 of the Financial Sector Regulation Act (No. 9 of 2017), this includes promoting the fair treatment of financial customers by financial institutions. Regulated financial institutions include banks, insurance companies, retirement funds and administrators, financial services providers, collective investment schemes, credit rating companies, central securities depositors, crypto asset service providers, and market infrastructures. Established in 2018, the FSCA is a statutory body that reports to the Minister of Finance. It is located in Pretoria.(more...)
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