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Finance Standing Committee
Tax Administration Laws Amendment Bill; Financial Sector Regulation Bill: deliberations
23 Nov 2016
The Committee went through the Tax Administration Laws Amendment Bill. The general concern was that law enforcement authorities are not doing enough about illicit flow of funds, tax base erosion and profit shifting.
The Committee went through the Financial Sector Regulation Bill and concerns raised by stakeholders were addressed. The ...
Finance Standing Committee
Employment and Learnership Tax Incentives: response to submissions; IRBA on Mandatory Audit Firm rotation & Annual Report
15 Nov 2016
National Treasury presented its responses to the submissions on the Employment and Learnership Tax Incentives following public hearings. The Learnership Tax Incentive was introduced to encourage skills development and job creation, by providing an additional tax deduction for formal, SETA-registered training programmes. The incentive was currently available ...
Finance Standing Committee
Employment and Learnership Tax Incentives: Public hearings
9 Nov 2016
The Committee held public hearings on the Employment Tax Incentive (ETI). This was a concept that was introduced for a trial period, but there was a proposal to extend it for another two years on expiry of the initial time in December 2016. Many of the submissions presented some detail ...
Finance Standing Committee
2016 MTBPS: Parliamentary Budget Office briefing
1 Nov 2016
The PBO presented its MTBPS analysis to the four Committees. It gave members highlights from the Ministers MTBPS speech and some highlights included stabilising debt as a share of Gross Domestic Product (GDP), stimulating growth, increasing revenue growth and creating more government efficiency. PBO gave an outline of reprioritisation to ...
Finance Standing Committee
PIC, Government Pension Administration Agency & GEPF on their 2015/16 Annual Reports, with Deputy Minister
18 Oct 2016
The Public Investment Corporation (PIC) noted its largest clients were the Government Employees Pension Fund (GEPF) and the Unemployment Insurance Fund (UIF). The PIC investment process emphasised rigorous governance interventions at various stages of the investment process. Net contributions by the top five clients were indicated. Key strategic objectives were ...
Finance Standing Committee
National Treasury & SARS on their 2015/16 Annual Reports with Auditor-General input
12 Oct 2016
The Auditor-General of South Africa (AGSA) presented its annual report on the audit outcomes for the finance portfolio. The overall outcome was impressive, although the AG identified problems areas such as material mistakes on financial statements, irregular spending and supply chain management concerns. The main recommendations given by the AG ...
Finance Standing Committee
Taxation Laws Amendment & Tax Administration Laws Amendment Bill: response to submissions; Revenue Laws Amendment Bill: update
21 Sep 2016
Introduction
The Chairperson noted his dissatisfaction with comments made by Mr D Maynier (DA) to the effect that the Financial Services Board and South African Revenue Service were being summonsed before the Committee. The Chairperson emphasised that regardless of Mr Maynier being a shadow Minister he had no more status ...
Finance Standing Committee
Financial Sector Regulation Bill: costing & transformation; Insurance Bill: initial briefing
21 Sep 2016
The Financial Services Board briefed the Committee on the costing of the Financial Sector Regulation Bill and the consequences for stakeholders. The expected cost of regulation in 2016/17 is R1.033 billion and a somewhat ‘cheeky’ comparison would be that the combined remuneration packages of directors and senior executives in the ...
Finance Standing Committee
Progress report and preliminary financial results: South African Airways briefing, with Deputy Minister present
20 Sep 2016
The meeting involved a presentation by the board of South African Airways (SAA) to the Standing Committee on Finance (SCOF) followed by a question and response session including input from the National Treasury (NT). The presentation included a progress report and preliminary financial results for the 2014/2015 and 2015/2016 financial ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-2015]: deliberations on Chapters 11-13, Chapter 1 definitions; Schedules 1-4
20 Sep 2016
The Chairperson reported to the Committee about a letter he had received from Mr Maynier of the Democratic Alliance regarding the SARS senior official being investigated whereby SARS Commissioner, Tom Moyane, when appearing before this committee on 14 September, had replied that the matter was confidential.
The Committee argued ...