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Finance Standing Committee
National Treasury on its 2016 Strategic and Annual Performance plan, with Minister
6 Apr 2016
The Department of Finance reported on the National Treasury’s strategic and annual performance plan. The Minister of Finance told the Committee that international institutions were no longer interested in plans, but rather in concrete milestones that were a demonstration of the intention to implement them. The Department sought to achieve ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]: deliberations continued
16 Mar 2016
Representatives of the Financial Intelligence Centre (FIC), the National Treasury (NT), banking institutions and other relevant stakeholders, attended a meeting of the Standing Committee on Finance for a clause-by-clause reading and consideration of the Financial Intelligence Centre Amendment Bill.
The Financial Intelligence Centre explained the objectives of each clause, and ...
Finance Standing Committee
Revenue Laws Amendment Bill [B4-2016]: Clause 1 amended and revised Bill adopted
10 Mar 2016
The Committee met to discuss the amendments made to the Revenue Laws Amendment Bill [B4 – 2016]. This Bill was introduced by the Minister of Finance on 24 February 2016, as a Money Bill as contemplated in section 77 of the Constitution. The purpose of the Bill is to postpone ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]: public hearings (NUMSA)
9 Mar 2016
Public hearings on the Revenue Laws Amendment Bill continued, with the National Union of Metalworkers of SA (NUMSA) making its submission.
NUMSA emphasised that the Bill must be seen as part of a broader discussion around comprehensive social security and retirement reform. NUMSA stated it remained opposed to compulsory annuitisation, ...
Finance Standing Committee
Revenue Laws Amendment Bill [B4-2016]: NUMSA, COSATU, ASISA concerns
8 Mar 2016
The meeting was held to deal with the recent Revenue Laws Amendment Bill and the two-year delay on compulsory annuitisation of provident funds. The Chairperson noted that this is particularly important to unions and a sensitive matter with regard to savings and taxation. The major disagreements in the meeting were ...
Finance Standing Committee
Finance Committee Report on 2016 Budget
8 Mar 2016
The joint committee meeting with the Standing Committee and Select Committee on Finance was held to discuss their considerations of the 2016 Budget Committee Report. Among some of the points raised were:
• The need for National Treasury to provide the relevant information, assuming it was not market sensitive, to ...
Finance Standing Committee
Revenue Laws Amendment Bill [B4-2016]: public hearings; Treasury, COSATU, ASISA submissions
3 Mar 2016
Co-Chairperson Mr Y Carrim (ANC) read out a statement, which drew heavily from the November 2015 Report of the Standing Committee on Finance to the National Assembly, on behalf of the Standing Committee. This statement mainly dealt with allegations that there had been insufficient or no consultation by that Committee ...
Standing Committee on Appropriations
Minister of Finance on the 2016 Budget
25 Feb 2016
In the presence of the Minister of Finance, the Director General of National Treasury briefed the Committee on the 2016 Budget and the Minister answered questions. Taking the Committee through the presentation, the DG focused on the reasons for tough decisions and why South African needed to act pre-emptively. The ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]: deliberations
23 Feb 2016
The Standing Committee on Finance met to be briefed by the National Treasury and to deliberate on the Financial Intelligence Centre (FIC) Amendment Bill.
National Treasury said that public submissions had raised concerns mainly about certain definitions, specifically ‘client’, ‘domestic prominent person’, foreign ‘prominent public official’, ‘prominent influential persons’ and ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-15]: National Treasury response to public hearings
16 Feb 2016
The meeting began with a presentation by National Treasury on its responses to the major points raised during the public hearings on the Financial Sector Regulation Bill.
The six major areas were: role of parliament in making regulatory instruments; clause 141 binding interpretations; significant owners; directives to holding companies; the ...