Finance Standing Committee
Government Pension Administration Agency quarterly performance
9 Sep 2015
The Government Pension Administration Agency (GPAA) briefed the Committee on their quarterly performance. It currently had about 1.28 million active clients and about 500 000 pensioners and beneficiaries, and R57 billion of the annual revenue had been collected. The Agency serviced about 478 government departments, and a total of R81 ...
Finance Standing Committee
Land Bank 2014/15 Annual Report
8 Sep 2015
The Finance Minister pointed out that the Land Bank had embarked on a turnaround process in 2008. The first phase consisted of cleaning up and prioritising. The second phase involved stabilisation, and the third phase improved sustainability. The first two phases were successfully implemented. Over the preceding seven years there ...
Finance Standing Committee
South African Airways (SAA) on Turnaround Strategy and performance
2 Sep 2015
The South African Airways (SAA) briefed the Committee on its Long-Term Turnaround Strategy (LTTS), which was implemented in April 2013 in order to address the challenges that SAA had been experiencing. The implementation of the LTTS had slowed down in 2014, but picked up more recently. There had been challenges ...
Finance Standing Committee
“Twin Peaks” & Insurance Industry: “Twin Peaks” and the insurance industry: National Treasury & Financial Services Board briefing
1 Sep 2015
A combined team of the National Treasury and the Financial Services Board (FSB) presented. Both long and short-term insurance were prudential concerns since it guaranteed to pay a certain contracted amount when risk or commitment materialised. The current legislative framework addressed both prudential and market conduct concerns. Review of the ...
Finance Standing Committee
Retirement Reforms: workshop
26 Aug 2015
National Treasury held a workshop on Retirement Reforms, giving background on retirement and savings funds before moving on to government proposals for retirement reform. This covered initiatives to boost household savings, key problems in the system, the retirement reform policy proposals, and progress with these proposals.
The retirement reform policy ...
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
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 ...