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Finance Standing Committee
2016 Revised Fiscal Framework (MTBPS): Treasury response to public hearings
4 Nov 2016
The Standing and Select Committees on Finance met to receive National Treasury responses to questions raised during the public hearings on the Medium Term Budget Policy Statement (MTBPS).
Growth Forecasting
The International Monetary Fund (IMF) forecast for global growth had been revised down in its flagship economic forecast since 2012. ...
Finance Standing Committee
2016 Revised Fiscal Framework (MTBPS): public hearings
2 Nov 2016
There were many positive aspects in the MTBPS that the Congress of South African Trade Unions (COSATU) agreed with. The main issue was what impact the budget had on job creation as this was COSATU’s main priority. It was worried that government did not have a coherent and comprehensive job ...
Finance Standing Committee
2016 MTBPS: Parliamentary Budget Office briefing
1 Nov 2016
The PBO presented its MTBPS analysis to the four Committees. It gave members highlights from the Ministers MTBPS speech and some highlights included stabilising debt as a share of Gross Domestic Product (GDP), stimulating growth, increasing revenue growth and creating more government efficiency. PBO gave an outline of reprioritisation to ...
Finance Standing Committee
2016 Medium Term Budget Policy Statement (MTBPS) Lock-up (Closed Meeting)
26 Oct 2016
It was a closed session. PMG was not present at the meeting.
Finance Standing Committee
Rates and Monetary Amounts and Amendment of Revenue Laws Bill; Financial Sector Regulation Bill schedules: deliberations; Financial Stability Board: role and mandate; BRRR
25 Oct 2016
The Committee firstly reviewed the Budgetary Review and Recommendations Report and went through the latest changes to the draft. Recommendations and observations by the Auditor-General on the performance of National Treasury were highlighted and concerns of some Members raised already were highlighted. The Members were reminded that SA Police Services, ...
Finance Standing Committee
National Treasury & SARS on their 2015/16 Annual Reports with Auditor-General input
12 Oct 2016
The Auditor-General of South Africa (AGSA) presented its annual report on the audit outcomes for the finance portfolio. The overall outcome was impressive, although the AG identified problems areas such as material mistakes on financial statements, irregular spending and supply chain management concerns. The main recommendations given by the AG ...
Finance Standing Committee
Employment Tax Incentive and Learnership Incentive; Taxation Laws Amendment Bill and Tax Administration Laws Amendment Bill Workshop
11 Oct 2016
Documents: Draft Fourth Term Programme for the Standing Committee on Finance
Employment Tax Incentive
National Treasury briefed the Committee on the proposed extension of the Employment Tax Incentive (ETI). Treasury indicated that it had presented two options: a bare extension for two years or an extension coupled with a cap ...
Finance Standing Committee
Taxation Laws Amendment & Tax Administration Laws Amendment Bill: response to submissions; Revenue Laws Amendment Bill: update
21 Sep 2016
Introduction
The Chairperson noted his dissatisfaction with comments made by Mr D Maynier (DA) to the effect that the Financial Services Board and South African Revenue Service were being summonsed before the Committee. The Chairperson emphasised that regardless of Mr Maynier being a shadow Minister he had no more status ...
Finance Standing Committee
Financial Sector Regulation Bill: costing & transformation; Insurance Bill: initial briefing
21 Sep 2016
The Financial Services Board briefed the Committee on the costing of the Financial Sector Regulation Bill and the consequences for stakeholders. The expected cost of regulation in 2016/17 is R1.033 billion and a somewhat ‘cheeky’ comparison would be that the combined remuneration packages of directors and senior executives in the ...
Finance Standing Committee
Progress report and preliminary financial results: South African Airways briefing, with Deputy Minister present
20 Sep 2016
The meeting involved a presentation by the board of South African Airways (SAA) to the Standing Committee on Finance (SCOF) followed by a question and response session including input from the National Treasury (NT). The presentation included a progress report and preliminary financial results for the 2014/2015 and 2015/2016 financial ...