Finance Standing Committee
Banks Amendment Bill & Financial & Fiscal Commission Amendment Bill: Adoption and Committee Report; BRICS ; New Development Bank and Contingent Reserve Arrangement: National Treasury briefing; Money Bills Amendment Procedure and Related Matters Act review: Parliamentary Legal Services briefing
28 Apr 2015
The amended clauses for the Banks Amendment Bill were presented and Members adopted the Bill as a whole, after approving those. The Committee also adopted the Committee report, which expressed the hope that the commercial process running parallel to the legislative process would be concluded with an amicable resolution between ...
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 ...
Finance Standing Committee
National Treasury & South African Revenue Service on their Strategic and Annual Performance Plans, with Minister and Deputy Minister in attendance
24 Mar 2015
The Minister of Finance and the National Treasury (NT) presented on the entity’s Strategic and Annual Performance Plan for 2015/16. They reported that to achieve policy objectives, the NT relied on fiscal policy, financial sector reform and strategic use of government procurement. The NT contributed towards achievement of government objectives ...
Finance Standing Committee
Banks Amendment Bill [B17-2014]: National Treasury response to public submissions Day 2
18 Mar 2015
The deliberations covered four major themes raised by the public submissions and a general concern raised by Members on urgency of the Bill and its interface with the ‘Twin Peaks’ resolution legislation.
Creditor Protection
The submissions argued that the Bill provides a wide discretion to the curator and Minister to ...
Finance Standing Committee
Banks Amendment Bill [B17-2014]: Treasury response to submissions
17 Mar 2015
The National Treasury (NT) reported back on submissions received for the Banks Amendment Bill. Most stakeholders agreed with the need for a Bill, even if they differed on the approach. It was to be expected that stakeholders would attempt to elevate their own interestests above those of other stakeholders. It ...
Finance Standing Committee
Jobs Fund: briefing
11 Mar 2015
The Jobs Fund, housed under the umbrella of the National Treasury, briefed the Standing Committee on Finance on its progress since inception in the 2011/2012 financial year. During discussions, Members raised questions about the costs incurred to create permanent jobs and whether those costs were worthwhile and justifiable. Members queried ...
Finance Standing Committee
African Bank curatorship: update by Minister of Finance, National Treasury & Reserve Bank
10 Mar 2015
The Minister of Finance provided introductory comments on the curatorship of African Bank Ltd. The bank crisis dated back to the previous year. The crisis had an adverse contagious effect on the economy. The curator was not available for comment as he had to be protected from scrutiny. There could ...
Finance Standing Committee
Committee Report on Fiscal Framework and Revenue Proposals: consideration and adoption
5 Mar 2015
The Standing Committee and Select Committees on Finance adopted the draft report on the Fiscal Framework and Revenue Proposals relating to the 2015 Budget. The draft report was adopted with amendments. The amendment related to tightening and rewording recommendation 4.18 that proposed centralised procurement. Members also agreed that a new ...
Finance Standing Committee
Fiscal Framework and Revenue Proposals: public hearings
4 Mar 2015
The Standing Committee on Finance and the Select Committee on Finance held a joint meeting to hear public comment by various institutions and labour federations on the Fiscal Framework and Revenue Proposals.
The South African Institute of Chartered Accountants (SAICA) commended the Finance Minister and his National Treasury team for ...