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Finance Standing Committee
Mandatory Rotation of Auditors & Transformation of Auditing Profession
21 Jun 2017
The Committee heard submissions on Mandatory Audit Firm Rotation (MAFR).
The South African Institute of Chartered Accountants (SAICA) did not believe MAFR was an answer to the challenges of transformation and audit independence. More investment in skills development was paramount. SAICA was convening a multi-stakeholder forum- a single reference point ...
Finance Standing Committee
Sugary Beverages Health Promotion Levy: Treasury response
21 Jun 2017
National Treasury presented its responses to submissions received on the Health Promotion Levy. The 2017 Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill (Draft Rates Bill) was first released for public comment on 22 February 2017 which was Budget Speech Day. National Treasury and SARS briefed the ...
Finance Standing Committee
National Treasury & SARS on their Quarter 4 performance
20 Jun 2017
National Treasury took the Committee through a presentation on its fourth quarter expenditure and performance for the financial year 2016/17. The total quarter four budget amounted to R28.5 billion, with the bulk of it going towards revenue administration, financial intelligence and state security, and international financial relations. A variance of ...
Finance Standing Committee
Financial Sector Regulation "Twin Peaks" Bill: re-consideration
15 Jun 2017
The Finance Standing Committee convened urgently to look into re-considering the Financial Sector Regulation "Twin Peaks" Bill. This was an attempt to follow the necessary processes when adopting the bill.
Much of the meeting revolved around the detailed briefing by the Parliamentary Legal Adviser, in which he attempted to explain ...
Finance Standing Committee
Rates and Monetary Amounts Bill: Treasury response to non-Health Promotion Levy submissions
14 Jun 2017
National Treasury gave a briefing on comments to the 2017 Rates and Monetary Amounts and Amendment of Revenue Laws Draft Bill, received during public hearings. The Bill was first released for public comment on 22 February 2017 which was Budget Speech day. National Treasury and SARS briefed the Committee on the ...
Finance Standing Committee
Money Bills Amendment Procedure and Related Matters Act: workshop
13 Jun 2017
Constitutional and Legal Services Office took the committees through a presentation on the review of the Money Bills Amendment Procedure and Related Matters Act. He outlined the rationale for the sequencing of appropriations. The requirement that the Division of Revenue Bill (DORB) and the Appropriation Bill may only be referred ...
Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill: adoption
7 Jun 2017
The Financial Sector Regulation Bill was passed by the National Council of Provinces (NCOP), subject to proposed amendments, on 25 May 2017, and referred to the Standing Committee on Finance. The proposed amendments by the NCOP pertained substantially to three areas:
- First, the protection of financial customers in respect ...
Finance Standing Committee
Sugary Beverages Tax & Rates and Monetary Amounts Bill: public hearings
6 Jun 2017
The Committee held its fourth day of public hearings on the Sugary Beverages Tax.
Before the submissions were heard, National Treasury stated that extensive consultations were conducted by it and evidence to that effect could be furnished. Changes had been made to the Rates Bill after these extensive consultations. Design ...
Finance Standing Committee
Sugary Beverages Tax; Rates and Monetary Amounts Bill: public hearings
31 May 2017
National Treasury indicated that revisions in the Rates and Monetary Amounts and Amendment of Revenue Laws Draft Bill were made after extensive consultations. Treasury took all inputs into consideration to come up with the revised Draft Bill.
Design changes based on comments on the sugary beverages tax or health promotion ...
Finance Standing Committee
Financial Sector Regulation Bill: NCOP amendments
30 May 2017
National Treasury took the Committee through proposed amendments to the Financial Sector Regulation (FSR) Bill by the National Council of Provinces (NCOP). National Treasury pointed out that changes were put into five categories, namely; omissions, minor corrections, protection of financial customers- account closures, as well as alignment with the Financial ...