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Finance Standing Committee
BRICS New Development Bank: input from Centre for Applied Legal Studies & Financial and Fiscal Commission
27 May 2015
A sum of R50 billion is invested in bonds in foreign countries. The Director-General of the National Treasury revealed this during a discussion in Parliament during a joint meeting of the Standing Committee on Finance and Select Committee on Finance. The two Committees were listening to submissions regarding the New ...
Finance Standing Committee
2015 Tax proposals & Draft Rates and Monetary Amounts Bill: National Treasury briefing
26 May 2015
Officials from National Treasury briefed the Committee on the 2015 tax proposals. Personal Income Tax (PIT), Corporate Income Tax (CIT) and Value Added Tax (VAT) accounted for more than 80% of total tax revenues. The tax to GDP ration was high compared to African countries, but relatively low compared to ...
Finance Standing Committee
Base Erosion and Profit Sharing (BEPS) Report: Parliamentary Budget Office briefing
20 May 2015
The Portfolio Committee on Trade and Industry, the Standing Committee on Finance and the Portfolio Committee on Mineral Resources held a joint meeting to discuss a research paper presented by the Parliamentary Budget Office (PBO) on Base Erosion and Profit Sharing (BEPS). The joint meeting was led by the Chairperson ...
Finance Standing Committee
BRICS New Development Bank & Contingent Reserve Arrangement agreements; FFC 4th quarter performance; Transfer pricing: EFF submission; Tax treaties: Cyprus, Lesotho, Hong Kong, Qatar, Cameroon, Granada, Zimbabwe, Singapore
19 May 2015
The Parliamentary Budget Office (PBO) presented on the BRICS New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). There were legitimate practices related to international treaties that could limit oversight of public finances. The National Treasury had identified risks and benefits related to the BRICS NDB. Only 50% of ...
Finance Standing Committee
National Treasury on its 4th quarter 2014/15 performance
12 May 2015
National Treasury presented its quarterly report on spending for 2014/15. Treasury contributed to the government outcome of creating a better South Africa and a better Africa by participating in the creation of the BRICS New Development Bank; working with the Department of International Relations, and sitting on the board of ...
Finance Standing Committee
Committee Reports on National Treasury, SARS & Statistics South Africa budgets
5 May 2015
Observations and recommendations in the report on Statistics South Africa’s Strategic Plan and Annual Performance Plan were presented individually by the Chairperson for Members to consider. The report as a whole was adopted.
Recommendations in the report on the National Treasury and South African Revenue Services Strategic and Annual Performance ...
Finance Standing Committee
Statistics South on its Annual Performance and Strategic Plan 2015/16
29 Apr 2015
The Standing Committee on Finance received a briefing from Statistics South Africa (Stats SA) on its Annual Performance Plan (APP) and Strategic Plan for 2015/16. The Statistician-General highlighted figures in regard to employment, noting an increase from the previous quarter, and highlighted the particular figures in relation to the formal ...
Finance Standing Committee
Banks Amendment Bill B17-2014; Financial & Fiscal Commission Amendment Bill [B1-2015]: deliberations
22 Apr 2015
The Committee deliberated on the Banks Amendment Bill [B17-2014] and the Financial and Fiscal Commission Amendment Bill [B1-2015]
Banks Amendment Bill
The Committee wanted to know from the Deputy Governor of the South African Reserve Bank (SARB), in broad terms, where the African Bank matter stood. Secondly, members raised concern ...
Finance Standing Committee
Banks Amendment Bill: input from Banking Association of SA; Bill's constitutionality; SARS alleged rogue unit & Sikhakane Commission: update
21 Apr 2015
The Banking Association of South Africa (BASA) made a further submission on the Banks Amendment Bill. BASA was not involved in the curatorship of the African Bank, but supported the Banks Amendment Bill. BASA engaged in debates about regulatory frameworks. The 2008 G20 declaration was aimed at reforming the global ...
Finance Standing Committee
SARS on Sikhakane Report; Tier ll Debt; Banks Amendment Bill: consideration of further submissions
25 Mar 2015
The South African Revenue Service (SARS) briefed the Committee on the Sikhakhane report and said that the report was preliminary in nature. It sought to highlight challenges that had been in the public domain about allegations of the existence of a “rogue unit” within SARS, amongst others.
The Memorandum of ...