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Finance Standing Committee
Office of the Chief Procurement Officer briefing
11 Oct 2017
The Office of the Chief Procurement Officer (OCPO) briefed the Committee on roles and responsibilities, achievements and challenges of the Office.
OCPO roles and responsibilities were to develop Supply Chain Management (SCM) policies, set uniform norms and standards for policy application that are aligned to section 217 of the Constitution, ...
Finance Standing Committee
Taxation Laws Amendment Bill; Tax Administration Laws Amendment Bill: policy issues; Venda Pension matter
10 Oct 2017
National Treasury and the South African Revenue Service (SARS) gave an update on the steps taken in addressing the key issues raised during the consultation process on the 2017 Taxation Laws Amendment Bill (TLAB) and Tax Administration Laws Amendment Bill (TALAB).
Since Treasury and SARS last briefed the Committee, a ...
Finance Standing Committee
Insurance Bill deliberations; South African Airways bailout
5 Oct 2017
National Treasury, the Financial Services Board and the South African Reserve Bank took the Committee through amendments to the Insurance Bill. The major highlights were as follows:
Clause 69- Offences
An auditor commits an offence and is on conviction liable to a fine not exceeding R10 million if that auditor ...
Finance Standing Committee
Health Promotion Levy; Transformation of the Financial Sector Committee Report; Venda Pension matter
4 Oct 2017
The Joint Standing Committee on Finance and Trade and Industry deliberated on stakeholder responses to the interim Transformation of the Financial Sector Report.
The Chairperson gave an overview of the transformation discourse. Participants in the hearings preceding release of the interim Transformation of the Financial Sector Report were more polarised ...
Finance Standing Committee
KPMG & Deloitte investigations: IRBA progress report; JSE transformation; National Treasury Annual Report, with Auditor-General input; with Deputy Minister
3 Oct 2017
Annual Reports 2016/17
The Independent Regulatory Board of Auditors (IRBA) reported on progress on the KPMG investigations. On June 30 2017, IRBA announced that it would launch an investigation into the 2014 KPMG audit of Linkway Trading. Investigating letters were issued to respondents on the same date and an ...
Finance Standing Committee
Taxation Laws & Tax Administration Laws Amendment Bills: response to submissions
14 Sep 2017
National Treasury and the South African Revenue Service (SARS) gave responses on submissions received for the 2017 Tax Administration Laws Amendment Bill (TALAB) and Taxation Laws Amendment Bill (TLAB). The amendment Bills were published for public comment on 19 July 2017. Treasury and SARS received written comments from 1420 organisations ...
Finance Standing Committee
SAA Board Chair contract extension; Treasury & SARS Quarter 1 Report, with Minister & Deputy; Office of Tax Ombud: delayed refunds investigation
13 Sep 2017
The South African Airways (SAA) presented its first quarter expenditure and performance report for the financial year 2017/18, in the presence of the Deputy Minister. SAA was expected to lay emphasis on progress made in the implementation of its turnaround strategy and corporate plan since its last appearance before the ...
Finance Standing Committee
Insurance Bill: deliberations
12 Sep 2017
The Committee met with Treasury and the Financial Services Board for further deliberations on the Insurance Bill. The Bill was built on the Twin Peaks model of financial regulation envisaged in the Financial Sector Regulation Act (FSRA) in respect of prudential supervision. It provided a consolidated legal framework for the ...
Finance Standing Committee
Transformation of the Financial Sector: Committee Report
6 Sep 2017
The Standing Committee on Finance and the Portfolio Committee on Trade and Industry, together with National Treasury, deliberated on the Transformation of the Financial Sector Draft Committee Report. The draft report was work in progress and would be sent to the participants for feedback before being finalised. Many of the ...
Finance Standing Committee
Health Promotion Levy (Rates and Monetary Amounts and Amendment of Revenue Laws Bill): discussion
5 Sep 2017
National Treasury, together with the Beverage Association of South Africa, the Congress of South African Trade Unions, South African Sugar Association and the Healthy Living Alliance, gave an update on ongoing engagements between government and the National Economic Development and Labour Council (NEDLAC) on the Health Promotion Levy (HPL).
National ...