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Finance Standing Committee
Treasury & SARS Annual Performance Plan; Concerns about SARS; with new Minister & Deputy Minister
9 May 2017
The new Minister of Finance and his Deputy appeared before the Committee. The Minister remarked that the acceleration of inclusive growth was an urgent priority for the country and National Treasury had a part to play in offering support for structural reforms within the economy. Numerous efforts were being made ...
Finance Standing Committee
Transformation of the Financial Sector: public hearings
3 May 2017
The National Credit Regulator (NCR) submission discussed trends and statistic regarding credit in South Africa (SA), and made recommendations for the financial sector. The Cooperative Banking Development Agency (CBDA) defined what Cooperative Financial Intuitions (CFIs), how they could be used to benefit and transform the economy, and recommendations to help ...
Finance Standing Committee
Money Bills Procedure and Related Matters Act: review update
2 May 2017
The meeting commenced with preliminary remarks by the Chairperson on the appropriate procedure for convening joint committee sittings. A Senior Parliamentary Legal Adviser from the Constitutional and Legal Services Office in Parliament presented an updated review of the Money Bills Procedure and Related Matters Act. He explained the background of ...
Finance Standing Committee
Transformation of the Financial Sector: 22 March public hearings
22 Mar 2017
The Finance and Trade and Industry Committees held joint public hearings on Transformation of the Financial Sector. Members felt the transformation pace was slow and had to be sped up.
Submissions emphasised the need for radical transformation and redressing the apartheid legacy. They noted that the private sector was not ...
Finance Standing Committee
Illicit Financial Flows & Base Erosion and Profit Sharing: input by government agencies
15 Mar 2017
The Standing Committee on Finance, the Portfolio Committees on Trade and Industry and Mineral Resources held a joint meeting on illicit financial flows to hear the views of the following stakeholders in the battle to stop the harmful effects of illicit financial flows (IFFs), transfer pricing and base erosion and ...
Finance Standing Committee
Transformation of the Financial Sector: public hearings
14 Mar 2017
The Finance and Trade and Industry Committees held joint public hearing on Transformation of the Financial Sector. The bank submissions gave reports on their transformation and admitted it was not as good as hoped but Members believed that there was little progress in transformation, especially in terms of ownership. NEDLAC ...
Finance Standing Committee
2017/18 Budget: Treasury response to submissions
2 Mar 2017
Treasury’s response to submissions and questions contained in them were:
• On sugary beverages tax, a number of consultation processes had to be done because this tax can lead to job losses. After extensive consultations, it was decided that a tax exemption threshold of 4g/100ml should be introduced and the ...
Finance Standing Committee
2017 Budget: public hearings
1 Mar 2017
The joint Committee meeting entailed presentations from various firms and organisations on the 2017/18 budget. All delegates expressed concern about government spending and many said that the heavy reliance on direct, personal and corporate tax was unsustainable. COSATU and NEHAWU were unhappy with the lack of a clear plan to ...
Finance Standing Committee
Budget 2017: Parliamentary Budget Office & Financial and Fiscal Commission briefing
28 Feb 2017
A joint sitting of the Standing Committee of Appropriations, Select Committee on Appropriations, Standing Committee on Finance and Select Committee on Finance met to receive briefings from the Parliamentary Budget Office (PBO) and the Financial and Fiscal Commission (FFC) on the 2017 budget.
The Budget Office said the 2017 budget ...
Finance Standing Committee
2017 Budget: Minister of Finance briefing
23 Feb 2017
The Minister of Finance, Mr Pravin Gordhan, and officials from National Treasury, briefed the Committees, sitting jointly, on the 2017 budget. It was reported that 95% of the country’s wealth remains highly concentrated, with the minority having control over the resources. The 2017 budget plays a central role in transforming ...