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Finance Standing Committee
Banks Amendment Bill B17-2014; Financial & Fiscal Commission Amendment Bill [B1-2015]: deliberations
22 Apr 2015
The Committee deliberated on the Banks Amendment Bill [B17-2014] and the Financial and Fiscal Commission Amendment Bill [B1-2015]
Banks Amendment Bill
The Committee wanted to know from the Deputy Governor of the South African Reserve Bank (SARB), in broad terms, where the African Bank matter stood. Secondly, members raised concern ...
Finance Standing Committee
Banks Amendment Bill: input from Banking Association of SA; Bill's constitutionality; SARS alleged rogue unit & Sikhakane Commission: update
21 Apr 2015
The Banking Association of South Africa (BASA) made a further submission on the Banks Amendment Bill. BASA was not involved in the curatorship of the African Bank, but supported the Banks Amendment Bill. BASA engaged in debates about regulatory frameworks. The 2008 G20 declaration was aimed at reforming the global ...
Finance Standing Committee
National Treasury & South African Revenue Service on their Strategic and Annual Performance Plans, with Minister and Deputy Minister in attendance
24 Mar 2015
The Minister of Finance and the National Treasury (NT) presented on the entity’s Strategic and Annual Performance Plan for 2015/16. They reported that to achieve policy objectives, the NT relied on fiscal policy, financial sector reform and strategic use of government procurement. The NT contributed towards achievement of government objectives ...
Finance Standing Committee
Banks Amendment Bill [B17-2014]: Treasury response to submissions
17 Mar 2015
The National Treasury (NT) reported back on submissions received for the Banks Amendment Bill. Most stakeholders agreed with the need for a Bill, even if they differed on the approach. It was to be expected that stakeholders would attempt to elevate their own interestests above those of other stakeholders. It ...
Finance Standing Committee
Jobs Fund: briefing
11 Mar 2015
The Jobs Fund, housed under the umbrella of the National Treasury, briefed the Standing Committee on Finance on its progress since inception in the 2011/2012 financial year. During discussions, Members raised questions about the costs incurred to create permanent jobs and whether those costs were worthwhile and justifiable. Members queried ...
Finance Standing Committee
African Bank curatorship: update by Minister of Finance, National Treasury & Reserve Bank
10 Mar 2015
The Minister of Finance provided introductory comments on the curatorship of African Bank Ltd. The bank crisis dated back to the previous year. The crisis had an adverse contagious effect on the economy. The curator was not available for comment as he had to be protected from scrutiny. There could ...
Finance Standing Committee
Committee Report on Fiscal Framework and Revenue Proposals: consideration and adoption
5 Mar 2015
The Standing Committee and Select Committees on Finance adopted the draft report on the Fiscal Framework and Revenue Proposals relating to the 2015 Budget. The draft report was adopted with amendments. The amendment related to tightening and rewording recommendation 4.18 that proposed centralised procurement. Members also agreed that a new ...
Finance Standing Committee
Fiscal Framework and Revenue Proposals: public hearings
4 Mar 2015
The Standing Committee on Finance and the Select Committee on Finance held a joint meeting to hear public comment by various institutions and labour federations on the Fiscal Framework and Revenue Proposals.
The South African Institute of Chartered Accountants (SAICA) commended the Finance Minister and his National Treasury team for ...
Finance Standing Committee
Fiscal framework and revenue proposals; Division of Revenue Bill: Parliamentary Budget Office briefing
3 Mar 2015
The Parliamentary Budget Office (PBO) presented under various headings:
▪ Fiscal Framework: Budget 2015 recognised that the counter-cyclical approach had reached its limits. Fiscal consolidation could no longer be postponed. The current fiscal package was designed to narrow the deficit and stabilise debt. The poor could face the effects of ...
Finance Standing Committee
Auditing Profession Amendment Bill: adoption
24 Feb 2015
Voting on the Bill had originally been scheduled for 18 February 2015, but the Chairperson decided that voting had to be deferred on that date, as a submission by the South African Institute for Professional Auditors (SAIPA) had not yet been responded to. A meeting between the Independent Regulatory board ...