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Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill: chapter 17
15 Sep 2016
The Committee continued its preliminary clause by clause deliberations on the Bill, covering chapter 17. During the deliberations, a lot of discussion was held in respect of clauses 242 and 243
Clause 242 dealt with Infomration sharing arrangments. A DA Member pointed out that the provision as it was had ...
Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill [B34-2015]: chapters 14 & 15
14 Sep 2016
The Committee continued its preliminary clause by clause deliberations on the Financial Sector Regulation “Twin Peaks” Bill, covering clauses 211 to 237. The Committee considered the July version of the bill, while also reviewing the updates contained in the August version, with National Treasury regularly indicating changes and the final ...
Finance Standing Committee
Draft Taxation Laws Amendment Bill & Tax Administration Laws Amendment Bill: public hearings
14 Sep 2016
The draft Taxation Laws Amendment Bill (TLAB) and Tax Administration Laws Amendment Bill (TALAB) came under close scrutiny from a wide range of stakeholders from the public and private financial sectors, and a number of proposals for changes to the amendments were put forward. Much of the focus was on ...
Finance Standing Committee
Financial Sector Regulation Bill: Chapter 13 Administrative Penalties & Chapter 14 Ombuds
13 Sep 2016
National Treasury and industry representatives were present for the Financial Sector Regulation Bill. The Committee went through Chapter 13 on Administrative Penalties and Chapter 14 on Ombuds and discussed the changes that had been made to the Bill. National Treasury had made many changes to Chapter 14.
Treasury said that ...
Finance Standing Committee
Draft Rates and Monetary Amounts & Taxation Laws Amendment Bill: response to submissions & REDISA; Double Taxation Agreements
7 Sep 2016
National Treasury presented a policy overview on Double Tax Agreements and the specifics on the particular treaties and protocols before the Committee.
The South African Revenue Service (SARS) presented the key articles of three Double Tax Agreements: United Arab Emirates, Singapore and Zimbabwe. The differences between articles dealing with the ...
Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill: deliberations
6 Sep 2016
The Department of Treasury, the Reserve Bank, and the Financial Services Board deliberated with committee members on the Financial Sector Regulation Bill. Starting from Chapter nine, the deliberations centred on legal professional privilege, on-site inspections, change of ‘designated authority’ to ‘the responsible authority,’ rational exercise of discretion by the responsible ...
Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill [B34-2015]: JSE submission & deliberations; Land Bank board nomination
31 Aug 2016
The Committee approved its Report on nominating candidates for appointment to the Board of the Land Bank. It noted in the Report that Parliament was also asked to act merely as a post box in the process of receiving nominations but it did not have a say in recommending who ...
Finance Standing Committee
Rates and Monetary Amounts and Amendment of Revenue Laws Bill: public hearings
30 Aug 2016
The submission by the Recycling and Economic Development Initiative of South Africa (REDISA) focused on the possible effects of the environmental levy on tyres at R2.30/kg of tyre as proposed by the National Treasury. Speakers from REDISA highlighted that the change proposed would halt a significant portion of the funds ...
Finance Standing Committee
Taxation Laws Amendment & Tax Administration Laws Amendment Bill: briefing
24 Aug 2016
National Treasury briefed the Committee on the contents of the 2016 Taxation Laws Amendment Bill and Tax Administration Laws Amendment Bill. The contents highlighted included:
Finance Standing Committee
SARS on its Quarterly Report & Annual Performance Plan
23 Aug 2016
Documents Awaited : SARS Strategic Plan 2016/17 – 2020/21; SARS Annual Performance Plan 2016 - 2017 [email info@pmg.org.za]
The Committee was briefed by the South African Revenue Services (SARS) on its Strategic Plan for 2016/17 – 2020/21, with the SARS Commissioner in attendance. It was noted that SARS had continued to excel ...