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Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill: adoption
7 Jun 2017
The Financial Sector Regulation Bill was passed by the National Council of Provinces (NCOP), subject to proposed amendments, on 25 May 2017, and referred to the Standing Committee on Finance. The proposed amendments by the NCOP pertained substantially to three areas:
- First, the protection of financial customers in respect ...
Finance Standing Committee
Sugary Beverages Tax & Rates and Monetary Amounts Bill: public hearings
6 Jun 2017
The Committee held its fourth day of public hearings on the Sugary Beverages Tax.
Before the submissions were heard, National Treasury stated that extensive consultations were conducted by it and evidence to that effect could be furnished. Changes had been made to the Rates Bill after these extensive consultations. Design ...
Finance Standing Committee
Sugary Beverages Tax; Rates and Monetary Amounts Bill: public hearings
31 May 2017
National Treasury indicated that revisions in the Rates and Monetary Amounts and Amendment of Revenue Laws Draft Bill were made after extensive consultations. Treasury took all inputs into consideration to come up with the revised Draft Bill.
Design changes based on comments on the sugary beverages tax or health promotion ...
Finance Standing Committee
Financial Sector Regulation Bill: NCOP amendments
30 May 2017
National Treasury took the Committee through proposed amendments to the Financial Sector Regulation (FSR) Bill by the National Council of Provinces (NCOP). National Treasury pointed out that changes were put into five categories, namely; omissions, minor corrections, protection of financial customers- account closures, as well as alignment with the Financial ...
Finance Standing Committee
Transformation in the Financial Sector: response to submissions
24 May 2017
The joint meeting heard the Department of Trade and Industry and National Treasury responses to the public submissions on the transformation of the Finance Services Sector. In addition, the EFF made a submission on transformation of the sector.
The EFF presentation referred to differences between empowerment and ownership and said ...
Finance Standing Committee
Rates and Monetary Amounts Bill & sugary beverages tax; BEPS Multilateral Instrument: briefing
23 May 2017
National Treasury presented the 2017 Draft Rates and Monetary Amounts and Amendment of the Revenue Laws Bill (the Rates Bill) before the Committee. The Rates Bill gives effect to the tax proposals announced by the former Minister of Finance in his Budget Speech. It deals with changes in tax rates ...
Finance Standing Committee
South African Airways Corporate Plan & Turnaround Strategy with Finance Deputy Minister
17 May 2017
The Deputy Minister of Finance, Mr Sifiso Buthelezi, spoke of the challenges at SAA, but that there was a belief that the airline could be returned to profitability. National Treasury had had to give a guarantee of R4.72 billion to ensure that the challenge of SAA remaining a going concern ...
Finance Standing Committee
Committee Report on National Treasury Annual Performance Plan and Budget
16 May 2017
The Committee considered its draft report on Budget Vote 7 for National Treasury. There were no substantive changes. Amongst the matters discussed, was the allegation that involved SARS withholding tax rebates and VAT refunds in order to boost revenue to meet revenue targets. Members suggested that the tax ombudsman be ...
Finance Standing Committee
Insurance Bill: National Treasury and FSB responses to submissions
10 May 2017
National Treasury briefed the Committee on the submissions received during the public hearings on the Insurance Bill. These comments broadly focused on transformation of the sector, financial inclusion, and cost of regulation, certain powers of the regulator, technical amendments and alignment with the Financial Sector Regulation Bill. Transformation on the ...
Finance Standing Committee
Treasury & SARS Annual Performance Plan; Concerns about SARS; with new Minister & Deputy Minister
9 May 2017
The new Minister of Finance and his Deputy appeared before the Committee. The Minister remarked that the acceleration of inclusive growth was an urgent priority for the country and National Treasury had a part to play in offering support for structural reforms within the economy. Numerous efforts were being made ...