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Finance Standing Committee
Transformation of the Financial Sector: 22 March public hearings
22 Mar 2017
The Finance and Trade and Industry Committees held joint public hearings on Transformation of the Financial Sector. Members felt the transformation pace was slow and had to be sped up.
Submissions emphasised the need for radical transformation and redressing the apartheid legacy. They noted that the private sector was not ...
Finance Standing Committee
Mandatory Audit Firm Rotation: public hearing
17 Mar 2017
The Standing Committee on Finance met to facilitate dialogue and to make recommendations on the proposed Mandatory Audit Firm Rotation (MAFR) which had been proposed by the Independent Regulatory Board for Auditors (IRBA), and various stakeholders made submissions on the proposal.
Ernst & Young expressed concern that MAFR was being ...
Finance Standing Committee
Illicit Financial Flows & Base Erosion and Profit Sharing: input by government agencies
15 Mar 2017
The Standing Committee on Finance, the Portfolio Committees on Trade and Industry and Mineral Resources held a joint meeting on illicit financial flows to hear the views of the following stakeholders in the battle to stop the harmful effects of illicit financial flows (IFFs), transfer pricing and base erosion and ...
Finance Standing Committee
Transformation of the Financial Sector: public hearings
14 Mar 2017
The Finance and Trade and Industry Committees held joint public hearing on Transformation of the Financial Sector. The bank submissions gave reports on their transformation and admitted it was not as good as hoped but Members believed that there was little progress in transformation, especially in terms of ownership. NEDLAC ...
Finance Standing Committee
2017/18 Budget: Treasury response to submissions
2 Mar 2017
Treasury’s response to submissions and questions contained in them were:
• On sugary beverages tax, a number of consultation processes had to be done because this tax can lead to job losses. After extensive consultations, it was decided that a tax exemption threshold of 4g/100ml should be introduced and the ...
Finance Standing Committee
2017 Budget: public hearings
1 Mar 2017
The joint Committee meeting entailed presentations from various firms and organisations on the 2017/18 budget. All delegates expressed concern about government spending and many said that the heavy reliance on direct, personal and corporate tax was unsustainable. COSATU and NEHAWU were unhappy with the lack of a clear plan to ...
Finance Standing Committee
Budget 2017: Parliamentary Budget Office & Financial and Fiscal Commission briefing
28 Feb 2017
A joint sitting of the Standing Committee of Appropriations, Select Committee on Appropriations, Standing Committee on Finance and Select Committee on Finance met to receive briefings from the Parliamentary Budget Office (PBO) and the Financial and Fiscal Commission (FFC) on the 2017 budget.
The Budget Office said the 2017 budget ...
Finance Standing Committee
FICA Bill and Committee Report: adoption
21 Feb 2017
The meeting began with deliberations on the Committee Report on the referral of the Financial Intelligence Centre Amendment Bill [B 33B–2015]. This report contains the Committee’s conclusions regarding comments from the President on the Financial Intelligence Centre Amendment Bill.
There were no further changes to the Committee proposed amendments to ...
Finance Standing Committee
Budget 2017: pre-budget briefing by Parliamentary Budget Office
21 Feb 2017
A pre-budget briefing was given to the four finance committees by the Parliamentary Budget Office (PBO). The presentation highlighted lower-than-expected revenues as a key challenge facing the fiscus. Also discussed were the main avenues of expenditure, the trajectory of the budget and the potential tools available to government to reduce ...
Finance Standing Committee
Mandatory Audit Firm Rotation: public hearings; FICA Bill: proposed amendments
15 Feb 2017
Portfolio Committee amendments (see previous version)
The Independent Regulatory Board for Auditors (IRBA) said that the Enron case showed that auditors could become too close to companies. The Masterbond case led to recommendations to strengthen regulations to ensure stricter audit oversight and guard the independence of auditors. IRBA ...