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Finance Standing Committee
2016 Budget: National Treasury responses & further clarification
4 Mar 2016
The National Treasurer gave responses questions raised at public hearings, and provided further clarifications on the budget. He noted that the Office of the National Treasury had received enormous inputs and comments in the aftermath of the 2016 budget speech. Questions were responded to without making reference to them, because ...
Finance Standing Committee
2016 Budget: Public hearings
2 Mar 2016
The joint sitting of the Standing and Select Committees on Finance heard submissions from six entities on the Revenue Laws Amendment Bill. The entities were the Congress of South African Trade Unions (COSATU), the Witwatersrand University’s School of Economics and Business Science, the Federation of Unions of South Africa (FEDUSA), ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]: deliberations
9 Feb 2016
The Committee heard briefings from the National Treasury and the Financial Intelligence Centre (FIC) on its interactions with various stakeholders and provided responses to all the submissions on the Financial Intelligence Amendment Bill [B33- 2015].
Treasury had met with industry players the previous week and that a risk based assessment ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-15]: public hearings; Taxation Laws Amendment Bill [B29B-15]: voting
25 Nov 2015
The Committee had gone through a list of Standing Committee amendments to the Taxation Laws Amendment Bill [B29B-2015] the day before (the 'A' list), and a subcommittee chaired by Mr D van Rooyen had processed another set of amendments. The Committee was now ready to vote on the Bill as ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-15]: public hearings; Taxation Laws Amendment Bill [B29-15]: consideration
24 Nov 2015
The Committee met with National Treasury to approve the Portfolio Committee's amendments (the A list) to the Taxation Laws Amendment Bill . The changes considered dealt with two matters: (1) To take out the retirement reform proposals in the tabled Bill, effectively going back to the law as it stood ...
Finance Standing Committee
Financial Sector Regulation Bill: briefing overview on Chapters 9, 10, 13 and 15
18 Nov 2015
The Committee met with National Treasury and the Financial Services Board to discuss Chapters 9 (Information gathering, supervisory on-site inspections and investigations), 10 (Enforcement), 13 (Administrative penalties) and 15 (Financial Services Tribunal) of the Bill. The other chapters were skipped to keep the discussion relevant to the Financial Services Board ...
Finance Standing Committee
SAA quarterly report, with Deputy Minister
17 Nov 2015
The Committee met with SAA as a follow up to its 2 September meeting with the airline. SAA had been asked to prepare a response to a number questions raised in a letter from the Committee. In addition SAA had to respond to five matters: progress on the finalisation of ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-2015]: briefing
13 Nov 2015
The Committee held a workshop to discuss the Twin Peaks Bill, that is, the Financial Sector Regulation Bill. National Treasury gave a broad overview of the 17 chapters of the Bill. Discussions only reached chapter three of the Bill.
In response to a query on Twin Peaks concept, Treasury said ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-15]: public hearings; Tax Administration Laws Amendment Bill [B30-15]: consideration
11 Nov 2015
The Banking Association of South Africa (BASA) submission indicated that the Financial Action Task Force (FATF) recommendations had proposed the risk-based approach. However, the Financial Intelligence Centre Amendment Bill overlaps between the risk- and the rules-based approach. The Bill did not allow the provision of simplified due diligence on low ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]:briefing
6 Nov 2015
The National Treasury and the Financial Intelligence Centre provided the briefing on the Financial Intelligence Centre Amendment Bill [B33-2015]. The Committee was frustrated at having been led to believe that the Bill was a minor amendment in response to a Constitutional Court judgement, whereas in reality it was long and ...