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Finance Standing Committee
African Bank curatorship: update by Minister of Finance, National Treasury & Reserve Bank
10 Mar 2015
The Minister of Finance provided introductory comments on the curatorship of African Bank Ltd. The bank crisis dated back to the previous year. The crisis had an adverse contagious effect on the economy. The curator was not available for comment as he had to be protected from scrutiny. There could ...
Finance Standing Committee
Committee Report on Fiscal Framework and Revenue Proposals: consideration and adoption
5 Mar 2015
The Standing Committee and Select Committees on Finance adopted the draft report on the Fiscal Framework and Revenue Proposals relating to the 2015 Budget. The draft report was adopted with amendments. The amendment related to tightening and rewording recommendation 4.18 that proposed centralised procurement. Members also agreed that a new ...
Finance Standing Committee
Fiscal Framework and Revenue Proposals: public hearings
4 Mar 2015
The Standing Committee on Finance and the Select Committee on Finance held a joint meeting to hear public comment by various institutions and labour federations on the Fiscal Framework and Revenue Proposals.
The South African Institute of Chartered Accountants (SAICA) commended the Finance Minister and his National Treasury team for ...
Finance Standing Committee
Fiscal framework and revenue proposals; Division of Revenue Bill: Parliamentary Budget Office briefing
3 Mar 2015
The Parliamentary Budget Office (PBO) presented under various headings:
▪ Fiscal Framework: Budget 2015 recognised that the counter-cyclical approach had reached its limits. Fiscal consolidation could no longer be postponed. The current fiscal package was designed to narrow the deficit and stabilise debt. The poor could face the effects of ...
Finance Standing Committee
Auditing Profession Amendment Bill: adoption
24 Feb 2015
Voting on the Bill had originally been scheduled for 18 February 2015, but the Chairperson decided that voting had to be deferred on that date, as a submission by the South African Institute for Professional Auditors (SAIPA) had not yet been responded to. A meeting between the Independent Regulatory board ...
Finance Standing Committee
Voting on Auditing Profession Amendment Bill (deferred); Financial and Fiscal Commission Amendment Bill: submission on appointments; Committee Programme
18 Feb 2015
Scheduled voting on the Auditing Profession Bill did not take place. A Parliamentary legal adviser; the National Treasury and a Committee researcher provided comments in preparation for voting, but it emerged that submissions on the Bill had not yet been properly processed. The Chairperson decided that voting had to be ...
Finance Standing Committee
PC Finance: Committee Reports: Adopted
27 Nov 2014
The Committee met to consider and adopt the outstanding reports and minutes. A DA Member suggested that the matter of African Bank needed to be further considered at another Committee meeting, as there was not enough information provided by the National Treasury on the matter. He also noted that the ...
Mineral Resources and Energy
Transfer Pricing and Corporate Tax: briefing by National Treasury & South African Revenue Services
19 Nov 2014
The Portfolio Committee on Mineral Resources held a joint meeting with the Standing Committee on Finance to receive a briefing by the National Treasury and the South African Revenue Services (SARS) on transfer pricing and corporate tax.
The National Treasury said that South Africa ran a twin deficit and ...
Finance Standing Committee
Auditing Profession Amendment Bill: National Treasury briefing; SARS on ratification of Annexure E to Southern African Custom Union Agreement on Mutual Administrative Assistance
12 Nov 2014
National Treasury made a presentation on the Bill amending the Auditing Profession Act, 2005, focussing on the rationale behind the Amendment Bill, its principal objects and the main features of the amended sections. Fundamentally, the Amendment Bill introduced the registration and definition of candidate auditors. Its purpose was to assist ...
Finance Standing Committee
Financial Services Board on its 2013/14 Annual Report
11 Nov 2014
The Committee met with the Financial Services Board (FSB) to discuss the annual report on the performance of the entity. The FSB provided the Committee with a comprehensive presentation covering the vision and mission of the FSB, thereafter looking at the strategic intentions of the entity’s key institutional objectives. The ...