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Finance Standing Committee
Financial Sector Regulation Bill [B34-15]: public hearings; Taxation Laws Amendment Bill [B29B-15]: voting
25 Nov 2015
The Committee had gone through a list of Standing Committee amendments to the Taxation Laws Amendment Bill [B29B-2015] the day before (the 'A' list), and a subcommittee chaired by Mr D van Rooyen had processed another set of amendments. The Committee was now ready to vote on the Bill as ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-15]: public hearings; Taxation Laws Amendment Bill [B29-15]: consideration
24 Nov 2015
The Committee met with National Treasury to approve the Portfolio Committee's amendments (the A list) to the Taxation Laws Amendment Bill . The changes considered dealt with two matters: (1) To take out the retirement reform proposals in the tabled Bill, effectively going back to the law as it stood ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-2015]: briefing
13 Nov 2015
The Committee held a workshop to discuss the Twin Peaks Bill, that is, the Financial Sector Regulation Bill. National Treasury gave a broad overview of the 17 chapters of the Bill. Discussions only reached chapter three of the Bill.
In response to a query on Twin Peaks concept, Treasury said ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-15]: public hearings; Tax Administration Laws Amendment Bill [B30-15]: consideration
11 Nov 2015
The Banking Association of South Africa (BASA) submission indicated that the Financial Action Task Force (FATF) recommendations had proposed the risk-based approach. However, the Financial Intelligence Centre Amendment Bill overlaps between the risk- and the rules-based approach. The Bill did not allow the provision of simplified due diligence on low ...
Finance Standing Committee
Taxation Laws Amendment Bill [B29-15]; Tax Administration Laws Amendment Bill [B30-15]: public hearings & response
10 Nov 2015
Submissions were made by the Association for Savings and Investment SA (ASISA); Old Mutual; the South African Reward Association (SARA), and COSATU. National Treasury and the South African Revenue Service (SARS) responded to their proposals, whereafter the stakeholders were permitted to reply.
ASISA strongly supported Option 1 as set out ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]:briefing
6 Nov 2015
The National Treasury and the Financial Intelligence Centre provided the briefing on the Financial Intelligence Centre Amendment Bill [B33-2015]. The Committee was frustrated at having been led to believe that the Bill was a minor amendment in response to a Constitutional Court judgement, whereas in reality it was long and ...
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
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
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 ...