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Finance Standing Committee
South African Revenue Service (SARS) quarterly performance
25 Aug 2015
Key activities for the SARS 2015 programme was an operating model review and an ICT and modernisation review. Objectives included to materially increase revenue, ensure strong control over border posts, and become a customer and employee centric organisation. Customs and excise would be elevated to a key priority area; SARS ...
Finance Standing Committee
Kuwait, Luxembourg, Netherlands, Switzerland Protocols, Andorra & and Macao Tax Information Exchange Agreement (TIEA): briefings
17 Aug 2015
The National Treasury briefed the Committee on double taxation agreements (DTAs) with Kuwait, Switzerland, Netherlands and Luxembourg. The purpose of tax treaties was to prevent double taxation of the same income, to create fiscal stability and to prevent tax avoidance and evasion. The tax profile of a treaty country took ...
Finance Standing Committee
State Owned Enterprises Programme Report: Parliamentary Budget Office (PBO) briefing
12 Aug 2015
The Parliamentary Budget Office (PBO) gave a presentation to the Standing Committee on Finance and the Portfolio Committee on Public Enterprises on the PBO Report on State Owned Enterprises (SOEs) commissioned by the Standing Committee on Finance and which was published in March 2015.
The presentation gave some background on ...
Finance Standing Committee
“Twin Peaks” legislation: briefing by National Treasury
11 Aug 2015
The 2008 global financial crisis proved that big benefits were associated with the financial sector, but also big risks. Financial sector regulation had to be intrusive, intensive and effective to make the financial sector safer. South Africa had opted for the Twin Peaks model to shift from a banking and ...
Finance Standing Committee
Financial Sector Assessment Programme: National Treasury & International Monetary Fund briefings
5 Aug 2015
The National Treasury gave a contextual background to the Financial Sector Assessment Programme (FSAP) of South Africa, which was undertaken in 2014. This was supported by a presentation by a representative of the International Monetary Fund, who explained what the FSAP was. Following the 2008 global financial crisis, South Africa, ...
Finance Standing Committee
Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B15-2015]: voting
23 Jun 2015
The Committee met briefly to consider its report on the Rates and Monetary Amounts Amendment Bill. The Bill was accepted by a majority with the DA reserving its position.
The Committee also approved various minutes and an oversight report. Lastly, the Chairperson highlighted the Committees planned activities for the next ...
Finance Standing Committee
Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B15-2015]: hearings & discussion
17 Jun 2015
The meeting was scheduled for public hearings, but the only submissions received were two letters from individuals, which the Chairperson insisted had to be replied to. The Chairperson remarked that the Bill was not controversial. There was a clause by clause read through by Treasury, with a few comments made ...
Finance Standing Committee
Davis Tax Committee: update by Judge Dennis Davis
10 Jun 2015
Judge Dennis Davis, Chairperson of the Davis Tax Committee (DTC), noted that the DTC was introduced in July 2013, by the then Minister of Finance. The mandate of the DTC covered every aspect of tax policy. Terms of reference were framed against the backdrop of the National Development Plan. The ...
Finance Standing Committee
SARS 2015 programme: progress report; Committee Report on BRICS New Development Bank agreement
3 Jun 2015
The Chairperson remarked that no-one, including government, really knew what the NDB would turn out to be. Yet the Committee recognised the role the bank could play to mobilise resources for infrastructure. The Committee would stress the importance of the NDB local office in South Africa, and the Development Bank ...
Finance Standing Committee
New Development Bank; Update on Twin Peaks & Market Conduct Framework: National Treasury briefing
2 Jun 2015
National Treasury said South Africa had too many regulators involved with the financial sector. Most financial firms were regulated by a number of financial regulators. The major banks in SA were regulated by the SA Reserve Bank (SARB), the Financial Services Board (FSB), the Financial Intelligence Centre (FIC) and the ...