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Finance Standing Committee
National Treasury and SARS on their 2014/15 Annual Reports; Audit outcomes by Auditor-General
13 Oct 2015
The Auditor-General of South Africa (AGSA) presented on the audit outcomes for the finance portfolio for 2014/15. Its areas of focus had been the submitted financial statements, financial health, performance report quality, supply chain management, human resource management and information technology. Some auditees had avoided qualification due to the correction ...
Finance Standing Committee
Government Pension Administration Agency quarterly performance
9 Sep 2015
The Government Pension Administration Agency (GPAA) briefed the Committee on their quarterly performance. It currently had about 1.28 million active clients and about 500 000 pensioners and beneficiaries, and R57 billion of the annual revenue had been collected. The Agency serviced about 478 government departments, and a total of R81 ...
Finance Standing Committee
Land Bank 2014/15 Annual Report
8 Sep 2015
The Finance Minister pointed out that the Land Bank had embarked on a turnaround process in 2008. The first phase consisted of cleaning up and prioritising. The second phase involved stabilisation, and the third phase improved sustainability. The first two phases were successfully implemented. Over the preceding seven years there ...
Cooperative Governance and Traditional Affairs
Traditional Leaders Audit; Initiations Winter 2015 Report: Deputy Minister briefing
8 Sep 2015
The Deputy Minister of Cooperative Governance and Traditional Affairs and the Department of Traditional Affairs briefed the Committee on the audit of traditional leaders which looked at the allocation of resources; the number of recognised traditional leaders per province and leadership positions as well as finalised and outstanding disputes and ...
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
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
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 ...