Finance Standing Committee
Fiscal framework and revenue proposals; Division of Revenue Bill: Parliamentary Budget Office briefing
3 Mar 2015
The Parliamentary Budget Office (PBO) presented under various headings:
▪ Fiscal Framework: Budget 2015 recognised that the counter-cyclical approach had reached its limits. Fiscal consolidation could no longer be postponed. The current fiscal package was designed to narrow the deficit and stabilise debt. The poor could face the effects of ...
Finance Standing Committee
Auditing Profession Amendment Bill: adoption
24 Feb 2015
Voting on the Bill had originally been scheduled for 18 February 2015, but the Chairperson decided that voting had to be deferred on that date, as a submission by the South African Institute for Professional Auditors (SAIPA) had not yet been responded to. A meeting between the Independent Regulatory board ...
Finance Standing Committee
Voting on Auditing Profession Amendment Bill (deferred); Financial and Fiscal Commission Amendment Bill: submission on appointments; Committee Programme
18 Feb 2015
Scheduled voting on the Auditing Profession Bill did not take place. A Parliamentary legal adviser; the National Treasury and a Committee researcher provided comments in preparation for voting, but it emerged that submissions on the Bill had not yet been properly processed. The Chairperson decided that voting had to be ...
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
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 ...
Finance Standing Committee
Accounting Standards Board on its 2013/14 Annual Report; Parliamentary Budget Office on impact of investment in South Africa
29 Oct 2014
The Accounting Standards Board (ASB) briefed the Committee on its annual report, focussing on financial performance, cost containment, strategy of the ASB 2015-19 and discussed a letter dated 23 July 2014. The ASB reported that its performance was limited by its narrow mandate and demanded a review and extension of ...
Finance Standing Committee
Revised Fiscal Framework: public hearings
28 Oct 2014
A joint meeting of the Standing and Select Committees on Finance heard briefings from the Financial and Fiscal Commission (FFC), the Parliamentary Budget Office (PBO), and the SA Reserve Bank (SARB) on the revised fiscal framework.
The Financial and Fiscal Commission (FFC) presentation gave an overview of the Medium Term ...
Finance Standing Committee
Financial and Fiscal Commission on its 2013/14 Annual Report
21 Oct 2014
The Standing Committee on Finance received a briefing by the Financial and Fiscal Commission (FFC) on its Annual Report. The FFC spoke on its achievements, the challenges it faced, its recommendations to Treasury on the 2014/2015 Division of Revenue and their responses, and provided information on its performance and finances. ...