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Finance Standing Committee
Taxation Laws Amendment [B29-2015]: consideration of options
4 Nov 2015
Documents awaited: ASISA submission [awaited]
The National Treasury presented on tax and retirement reforms. Government intended to proceed with the changes to the tax treatment of retirement fund contributions. The percentage limit was to be increased to 27.5% for all funds, but limited to R350 000. There were two annuitisation ...
Finance Standing Committee
2015 Revised Fiscal Framework Report (MTBPS): consideration
3 Nov 2015
The DA submitted that a number of core issues were not included in the observations and recommendations. These included concern over the rate of economic growth; changed policies for growth; expenditure; a lack of long-term fiscal guidelines; cost containment measures; the contingency reserve; debt levels; fiscal risks and the Public ...
Finance Standing Committee
Medium-Term Budget Policy Statement (MTBPS) 2015: Parliamentary Budget Office review
27 Oct 2015
The Parliamentary Budget Office provided an analysis of the Medium-Term Budget Policy Statement for 2015 to a joint meeting attended by the Standing and Select Committees on Appropriations and the Standing and Select Committees on Finance.
The Parliamentary Budget Office generally echoed the concerns contained in National Treasury’s budget policy ...
Finance Standing Committee
Finance Budget Review and Recommendations Report
20 Oct 2015
The Committee discussed and adopted the Budgetary Review and Recommendations Report with amendments and corrections, as it had to be submitted on that very day. It was considered in order to adopt the report before editing, as long as no changes to content were made after adoption. During consideration, matters ...
Finance Standing Committee
Taxation Laws Amendment Bill & Tax Administration Laws Amendment Bill: National Treasury and SARS response to public hearings; Tax and Harmonisation Reform: National Treasury briefing; Twin Peaks Bill: Expert briefing
15 Oct 2015
The Committee first heard representatives from both National Treasury and the South African Revenue Service (SARS) present draft responses to public comments on the Taxation Laws Amendment Bill and Tax Administration Laws Amendment Bill (TLAB & TALAB). The main issues addressed by public comments on the TLAB include efforts to ...
Finance Standing Committee
Accounting Standards Board (ASB) on its 2014/15 Annual Report
14 Oct 2015
The Accounting Standards Board came before the Committee to present its 2014/15 Annual Report. The ASB was a small body comprised of only seven employees with the task of setting standards and assessing the success of these standards’ implementation, among other roles. One of its main projects this year has ...
Finance Standing Committee
National Treasury and SARS on their 2014/15 Annual Reports; Audit outcomes by Auditor-General
13 Oct 2015
The Auditor-General of South Africa (AGSA) presented on the audit outcomes for the finance portfolio for 2014/15. Its areas of focus had been the submitted financial statements, financial health, performance report quality, supply chain management, human resource management and information technology. Some auditees had avoided qualification due to the correction ...
Finance Standing Committee
Base Erosion and Profit Shifting: joint workshop
11 Sep 2015
Participants at the workshop were told there were three portfolio committees coordinating the Base Erosion and Profit Sharing (BEPS) project -- Finance, Mineral Resources and Trade and Industry. This meeting was to take forward processes that had begun with the Trade and Industry Committee last year, and had gone as ...
Finance Standing Committee
Government Pension Administration Agency quarterly performance
9 Sep 2015
The Government Pension Administration Agency (GPAA) briefed the Committee on their quarterly performance. It currently had about 1.28 million active clients and about 500 000 pensioners and beneficiaries, and R57 billion of the annual revenue had been collected. The Agency serviced about 478 government departments, and a total of R81 ...
Finance Standing Committee
Land Bank 2014/15 Annual Report
8 Sep 2015
The Finance Minister pointed out that the Land Bank had embarked on a turnaround process in 2008. The first phase consisted of cleaning up and prioritising. The second phase involved stabilisation, and the third phase improved sustainability. The first two phases were successfully implemented. Over the preceding seven years there ...