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Finance Standing Committee
Tax Ombud Annual Report; Insurance Bill: finalisation
22 Nov 2017
The Committee met with the Office of the Tax Ombud on its 2016/17 annual report. It also finalised and adopted the Insurance Bill.
The Office of the Tax Ombud was established to review and address any complaints by taxpayers regarding a service, procedural or administrative matter ...
Finance Standing Committee
Public Investment Corporation + Government Employees Pension Fund Follow Up Meeting, with Deputy Minister
14 Nov 2017
The Committee met with the Public Investment Corporation (PIC) and the Government Employees’ Pension Fund (GEPF) for a follow up meeting based on previously adopted Committee resolutions. In the main, the Committee wanted to be provided with the rationale of the proposed PIC forensic investigations, and to know if there ...
Finance Standing Committee
Insurance Bill; Taxation Laws Amendment Bill; Tax Administration Laws Amendment Bill: finalisation
8 Nov 2017
The Committee met to: finalise the Taxation Laws Amendment Bill (TLAB) & the Tax Administration Laws Amendment Bill (TALAB); adopt the Committee Report on the Rates and Monetary Amounts and Amendment of Revenue Laws Bill and to discuss policy issues on the Insurance Bill, its transformation clauses in particular.
Firstly, ...
Finance Standing Committee
Rates & Monetary Amounts and Amendment of Revenue Laws Bill: finalisation; Committee Report on MTBPS Revised Fiscal Framework
7 Nov 2017
The Standing and Select Committee on Finance met to deliberate their Revised Fiscal Framework Report. The report was compiled following public hearings on the medium-term budget policy statement (MTBPS). The Committees noted that while they agreed that the primary reason for the revenue shortfall (of R50 billion) was the slow ...
Finance Standing Committee
2017 MTBPS: National Treasury response to submissions
3 Nov 2017
National Treasury appeared before the Standing and Select Committees on Finance to give responses to submissions received during public hearings on the Medium Term Budget Policy Statement. It welcomed the robust debates and contributions to macroeconomic policymaking.
In response to the Parliamentary Budget Office’s (PBO) submission on fiscal consolidation and ...
Finance Standing Committee
2017 Medium Term Budget Policy Statement: Parliamentary Budget Office briefing
31 Oct 2017
The Parliamentary Budget Office (PBO) appeared before the joint committees of Finance and Appropriations (National Assembly and National Council of Provinces) to give a post Medium-Term Budget Policy Statement (MTBPS) analysis.
The PBO noted that performance of key macroeconomic variables over the past five years has not been impressive. The ...
Finance Standing Committee
Capitalise SAA using s16 of PFMA: legal opinion; Committee Resolutions on GEPF, PIC & trade unions; Financial Sector Transformation Hearings Report
18 Oct 2017
The Parliamentary Legal Unit advised the Committee on the legality of using section 16 of the Public Finance Management Act (PFMA) to capitalise SAA. Section 16 was intended for use where good financial planning and management could not avert the need for unusual expenditure. According to his interpretation, it appears ...
Public Service and Administration
Free State Oversight Report
18 Oct 2017
The purpose of this meeting was the adoption of the Free State Oversight report and the consideration of the Public Service Amendment Bill.
Corrections and amendments were made to the oversight report and Members suggested additional amendments. Thereafter, the report was adopted with amendments.
The recommendations on the Bill was ...
Finance Standing Committee
KPMG & Deloitte investigations: IRBA progress report; JSE transformation; National Treasury Annual Report, with Auditor-General input; with Deputy Minister
3 Oct 2017
Annual Reports 2016/17
The Independent Regulatory Board of Auditors (IRBA) reported on progress on the KPMG investigations. On June 30 2017, IRBA announced that it would launch an investigation into the 2014 KPMG audit of Linkway Trading. Investigating letters were issued to respondents on the same date and an ...
Finance Standing Committee
Taxation Laws & Tax Administration Laws Amendment Bills: response to submissions
14 Sep 2017
National Treasury and the South African Revenue Service (SARS) gave responses on submissions received for the 2017 Tax Administration Laws Amendment Bill (TALAB) and Taxation Laws Amendment Bill (TLAB). The amendment Bills were published for public comment on 19 July 2017. Treasury and SARS received written comments from 1420 organisations ...