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Finance Standing Committee
Taxation Laws Amendment Bill [B29-15]; Tax Administration Laws Amendment Bill [B30-15]: public hearings & response
10 Nov 2015
Submissions were made by the Association for Savings and Investment SA (ASISA); Old Mutual; the South African Reward Association (SARA), and COSATU. National Treasury and the South African Revenue Service (SARS) responded to their proposals, whereafter the stakeholders were permitted to reply.
ASISA strongly supported Option 1 as set out ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]:briefing
6 Nov 2015
The National Treasury and the Financial Intelligence Centre provided the briefing on the Financial Intelligence Centre Amendment Bill [B33-2015]. The Committee was frustrated at having been led to believe that the Bill was a minor amendment in response to a Constitutional Court judgement, whereas in reality it was long and ...
Finance Standing Committee
Taxation Laws Amendment [B29-2015]: consideration of options
4 Nov 2015
Documents awaited: ASISA submission [awaited]
The National Treasury presented on tax and retirement reforms. Government intended to proceed with the changes to the tax treatment of retirement fund contributions. The percentage limit was to be increased to 27.5% for all funds, but limited to R350 000. There were two annuitisation ...
Finance Standing Committee
2015 Revised Fiscal Framework Report (MTBPS): consideration
3 Nov 2015
The DA submitted that a number of core issues were not included in the observations and recommendations. These included concern over the rate of economic growth; changed policies for growth; expenditure; a lack of long-term fiscal guidelines; cost containment measures; the contingency reserve; debt levels; fiscal risks and the Public ...
Finance Standing Committee
Medium-Term Budget Policy Statement (MTBPS) 2015: Parliamentary Budget Office review
27 Oct 2015
The Parliamentary Budget Office provided an analysis of the Medium-Term Budget Policy Statement for 2015 to a joint meeting attended by the Standing and Select Committees on Appropriations and the Standing and Select Committees on Finance.
The Parliamentary Budget Office generally echoed the concerns contained in National Treasury’s budget policy ...
Finance Standing Committee
Finance Budget Review and Recommendations Report
20 Oct 2015
The Committee discussed and adopted the Budgetary Review and Recommendations Report with amendments and corrections, as it had to be submitted on that very day. It was considered in order to adopt the report before editing, as long as no changes to content were made after adoption. During consideration, matters ...
Finance Standing Committee
Taxation Laws Amendment Bill & Tax Administration Laws Amendment Bill: National Treasury and SARS response to public hearings; Tax and Harmonisation Reform: National Treasury briefing; Twin Peaks Bill: Expert briefing
15 Oct 2015
The Committee first heard representatives from both National Treasury and the South African Revenue Service (SARS) present draft responses to public comments on the Taxation Laws Amendment Bill and Tax Administration Laws Amendment Bill (TLAB & TALAB). The main issues addressed by public comments on the TLAB include efforts to ...
Finance Standing Committee
Accounting Standards Board (ASB) on its 2014/15 Annual Report
14 Oct 2015
The Accounting Standards Board came before the Committee to present its 2014/15 Annual Report. The ASB was a small body comprised of only seven employees with the task of setting standards and assessing the success of these standards’ implementation, among other roles. One of its main projects this year has ...
Finance Standing Committee
National Treasury and SARS on their 2014/15 Annual Reports; Audit outcomes by Auditor-General
13 Oct 2015
The Auditor-General of South Africa (AGSA) presented on the audit outcomes for the finance portfolio for 2014/15. Its areas of focus had been the submitted financial statements, financial health, performance report quality, supply chain management, human resource management and information technology. Some auditees had avoided qualification due to the correction ...
Finance Standing Committee
Financial and Fiscal Commission 2014/15 Annual Report
15 Sep 2015
The Financial and Fiscal Commission (FFC) reported that prior year issues were related to irregular expenditure, misstatement of financial statements, and capacity within the Commission. The Committee was taken through performance information on research; policy advice and recommendations; human resource management; ICT development; compliance with legislation and access to alternative ...