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Finance Standing Committee
Financial and Fiscal Commission Amendment Bill: further deliberations
4 Feb 2015
The Committee met for further deliberations on the Financial and Fiscal Commission (FFC) Amendment Bill and began by going through a presentation by National Treasury from the previous meeting on the said Bill. After discussion, Members felt Treasury should look at how many members would be full time and the ...
Finance Standing Committee
Banks Amendment Bill: public hearings; Auditing Profession Amendment Bill: deliberations
4 Feb 2015
The Standing Committee on Finance held public hearings on the Banks Amendment Bill and deliberations on the Auditing Profession Amendment Bill. Thirteen written submissions had been made on the Banks Amendment Bill, but only four of the entities who had made submissions gave oral presentations. These were Investec Asset Management, ...
Finance Standing Committee
Auditing Profession Amendment Bill, Banks Amendment Bill & Financial & Fiscal Commission Amendment Bill: National Treasury briefing
3 Feb 2015
The National Treasury briefed the Standing Committee on the Banks Amendment Bill. Urgent amendments to the Banks Act were needed to increase options for the curator to resolve a bank unable to meet its obligations. Urgency was required to extend the option to the curatorship of African Bank. The option ...
Finance Standing Committee
PC Finance: Committee Reports: Adopted
27 Nov 2014
The Committee met to consider and adopt the outstanding reports and minutes. A DA Member suggested that the matter of African Bank needed to be further considered at another Committee meeting, as there was not enough information provided by the National Treasury on the matter. He also noted that the ...
Finance Standing Committee
Twin Peaks legislation, retirement reform: National Treasury briefings, Davis Tax Committee report postponed
25 Nov 2014
The National Treasury briefed the Committee on the proposals for Twin Peaks legislation, and gave the background and a summary of the main issues leading to the financial crisis of 2008, South Africa’s response and policy strategy, the concept of holistic reform, and the process to be followed. going forward. ...
Mineral Resources and Energy
Transfer Pricing and Corporate Tax: briefing by National Treasury & South African Revenue Services
19 Nov 2014
The Portfolio Committee on Mineral Resources held a joint meeting with the Standing Committee on Finance to receive a briefing by the National Treasury and the South African Revenue Services (SARS) on transfer pricing and corporate tax.
The National Treasury said that South Africa ran a twin deficit and ...
Finance Standing Committee
Auditing Profession Amendment Bill: National Treasury briefing; SARS on ratification of Annexure E to Southern African Custom Union Agreement on Mutual Administrative Assistance
12 Nov 2014
National Treasury made a presentation on the Bill amending the Auditing Profession Act, 2005, focussing on the rationale behind the Amendment Bill, its principal objects and the main features of the amended sections. Fundamentally, the Amendment Bill introduced the registration and definition of candidate auditors. Its purpose was to assist ...
Finance Standing Committee
Financial Services Board on its 2013/14 Annual Report
11 Nov 2014
The Committee met with the Financial Services Board (FSB) to discuss the annual report on the performance of the entity. The FSB provided the Committee with a comprehensive presentation covering the vision and mission of the FSB, thereafter looking at the strategic intentions of the entity’s key institutional objectives. The ...
Finance Standing Committee
Taxation Laws Amendment Bill: deliberations; Tax Administration Laws Amendment Bill; Rates and Monetary Amounts and Amendment of Revenue Laws Bill: deliberations & voting
5 Nov 2014
The Standing Committee on Finance considered and adopted the Budgetary Review and Recommendations Report (BRRR) for National Treasury.
Rates and Monetary Amounts and Amendment of Revenue Laws Bill
Members said that the Bill was difficult to comprehend and there was frequent cross referencing in it. National Treasury agreed and said ...
Finance Standing Committee
National Treasury & Statistics SA Budget Review and Recommendations Report
4 Nov 2014
The Standing Committee on Finance met to consider the Budgetary Review and Recommendations Report (BRRR) of National Treasury and Statistics SA.
Members wanted the recommendations of the Statistics South Africa (Stats SA) report to highlight the concern about the issue of vacant posts, as South Africa had a skills shortage ...