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Finance Standing Committee
South African Airways (SAA) on Turnaround Strategy and performance
2 Sep 2015
The South African Airways (SAA) briefed the Committee on its Long-Term Turnaround Strategy (LTTS), which was implemented in April 2013 in order to address the challenges that SAA had been experiencing. The implementation of the LTTS had slowed down in 2014, but picked up more recently. There had been challenges ...
Finance Standing Committee
“Twin Peaks” & Insurance Industry: “Twin Peaks” and the insurance industry: National Treasury & Financial Services Board briefing
1 Sep 2015
A combined team of the National Treasury and the Financial Services Board (FSB) presented. Both long and short-term insurance were prudential concerns since it guaranteed to pay a certain contracted amount when risk or commitment materialised. The current legislative framework addressed both prudential and market conduct concerns. Review of the ...
Finance Standing Committee
Taxation Laws Amendment Bill & Taxation Administration Laws Amendment Bill: workshop
18 Aug 2015
National Treasury and the South African Revenue Service (SARS) held a workshop with the Committee on the Draft Taxation Laws Amendment Bill (TLAB) and the Taxation Administration Laws Amendment Bill (TALAB). Discussions on the draft TLAB covered general business taxes, personal income tax, taxation of financial institutions and products; tax ...
Finance Standing Committee
Kuwait, Luxembourg, Netherlands, Switzerland Protocols, Andorra & and Macao Tax Information Exchange Agreement (TIEA): briefings
17 Aug 2015
The National Treasury briefed the Committee on double taxation agreements (DTAs) with Kuwait, Switzerland, Netherlands and Luxembourg. The purpose of tax treaties was to prevent double taxation of the same income, to create fiscal stability and to prevent tax avoidance and evasion. The tax profile of a treaty country took ...
Finance Standing Committee
Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B15-2015]: voting
23 Jun 2015
The Committee met briefly to consider its report on the Rates and Monetary Amounts Amendment Bill. The Bill was accepted by a majority with the DA reserving its position.
The Committee also approved various minutes and an oversight report. Lastly, the Chairperson highlighted the Committees planned activities for the next ...
Finance Standing Committee
Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B15-2015]: hearings & discussion
17 Jun 2015
The meeting was scheduled for public hearings, but the only submissions received were two letters from individuals, which the Chairperson insisted had to be replied to. The Chairperson remarked that the Bill was not controversial. There was a clause by clause read through by Treasury, with a few comments made ...
Finance Standing Committee
Davis Tax Committee: update by Judge Dennis Davis
10 Jun 2015
Judge Dennis Davis, Chairperson of the Davis Tax Committee (DTC), noted that the DTC was introduced in July 2013, by the then Minister of Finance. The mandate of the DTC covered every aspect of tax policy. Terms of reference were framed against the backdrop of the National Development Plan. The ...
Finance Standing Committee
SARS 2015 programme: progress report; Committee Report on BRICS New Development Bank agreement
3 Jun 2015
The Chairperson remarked that no-one, including government, really knew what the NDB would turn out to be. Yet the Committee recognised the role the bank could play to mobilise resources for infrastructure. The Committee would stress the importance of the NDB local office in South Africa, and the Development Bank ...
Finance Standing Committee
New Development Bank; Update on Twin Peaks & Market Conduct Framework: National Treasury briefing
2 Jun 2015
National Treasury said South Africa had too many regulators involved with the financial sector. Most financial firms were regulated by a number of financial regulators. The major banks in SA were regulated by the SA Reserve Bank (SARB), the Financial Services Board (FSB), the Financial Intelligence Centre (FIC) and the ...
Finance Standing Committee
2015 Tax proposals & Draft Rates and Monetary Amounts Bill: National Treasury briefing
26 May 2015
Officials from National Treasury briefed the Committee on the 2015 tax proposals. Personal Income Tax (PIT), Corporate Income Tax (CIT) and Value Added Tax (VAT) accounted for more than 80% of total tax revenues. The tax to GDP ration was high compared to African countries, but relatively low compared to ...