Politician Profile Page
Finance Standing Committee
Rates and Monetary Amounts and Amendment of Revenue Laws Bill; Financial Sector Regulation Bill schedules: deliberations; Financial Stability Board: role and mandate; BRRR
25 Oct 2016
The Committee firstly reviewed the Budgetary Review and Recommendations Report and went through the latest changes to the draft. Recommendations and observations by the Auditor-General on the performance of National Treasury were highlighted and concerns of some Members raised already were highlighted. The Members were reminded that SA Police Services, ...
Finance Standing Committee
PIC, Government Pension Administration Agency & GEPF on their 2015/16 Annual Reports, with Deputy Minister
18 Oct 2016
The Public Investment Corporation (PIC) noted its largest clients were the Government Employees Pension Fund (GEPF) and the Unemployment Insurance Fund (UIF). The PIC investment process emphasised rigorous governance interventions at various stages of the investment process. Net contributions by the top five clients were indicated. Key strategic objectives were ...
Finance Standing Committee
Financial Sector Regulation Bill: deliberations on Schedule 4
22 Sep 2016
The Chairperson was accompanied by Sub-committee chairperson, Mr Sfiso Buthelezi, as the Chairperson would be away during part of the meeting. It was noted that the Sub-committee would be holding meetings to aid in going through this Bill.
National Treasury went through Schedule 4 until item 25. National Treasury said ...
Finance Standing Committee
Taxation Laws Amendment & Tax Administration Laws Amendment Bill: response to submissions; Revenue Laws Amendment Bill: update
21 Sep 2016
Introduction
The Chairperson noted his dissatisfaction with comments made by Mr D Maynier (DA) to the effect that the Financial Services Board and South African Revenue Service were being summonsed before the Committee. The Chairperson emphasised that regardless of Mr Maynier being a shadow Minister he had no more status ...
Finance Standing Committee
Financial Sector Regulation Bill: costing & transformation; Insurance Bill: initial briefing
21 Sep 2016
The Financial Services Board briefed the Committee on the costing of the Financial Sector Regulation Bill and the consequences for stakeholders. The expected cost of regulation in 2016/17 is R1.033 billion and a somewhat ‘cheeky’ comparison would be that the combined remuneration packages of directors and senior executives in the ...
Finance Standing Committee
Progress report and preliminary financial results: South African Airways briefing, with Deputy Minister present
20 Sep 2016
The meeting involved a presentation by the board of South African Airways (SAA) to the Standing Committee on Finance (SCOF) followed by a question and response session including input from the National Treasury (NT). The presentation included a progress report and preliminary financial results for the 2014/2015 and 2015/2016 financial ...
Finance Standing Committee
Draft Rates and Monetary Amounts & Taxation Laws Amendment Bill: response to submissions & REDISA; Double Taxation Agreements
7 Sep 2016
National Treasury presented a policy overview on Double Tax Agreements and the specifics on the particular treaties and protocols before the Committee.
The South African Revenue Service (SARS) presented the key articles of three Double Tax Agreements: United Arab Emirates, Singapore and Zimbabwe. The differences between articles dealing with the ...
Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill: deliberations
6 Sep 2016
The Department of Treasury, the Reserve Bank, and the Financial Services Board deliberated with committee members on the Financial Sector Regulation Bill. Starting from Chapter nine, the deliberations centred on legal professional privilege, on-site inspections, change of ‘designated authority’ to ‘the responsible authority,’ rational exercise of discretion by the responsible ...
Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill [B34-2015]: JSE submission & deliberations; Land Bank board nomination
31 Aug 2016
The Committee approved its Report on nominating candidates for appointment to the Board of the Land Bank. It noted in the Report that Parliament was also asked to act merely as a post box in the process of receiving nominations but it did not have a say in recommending who ...
Finance Standing Committee
Rates and Monetary Amounts and Amendment of Revenue Laws Bill: public hearings
30 Aug 2016
The submission by the Recycling and Economic Development Initiative of South Africa (REDISA) focused on the possible effects of the environmental levy on tyres at R2.30/kg of tyre as proposed by the National Treasury. Speakers from REDISA highlighted that the change proposed would halt a significant portion of the funds ...