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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
Taxation Laws Amendment Draft Bill; Tax Administration Laws Amendment Draft Bill: public hearings
15 Sep 2015
The Committee heard submission from various professional associations and other interested parties regarding proposed amendments to the tax laws. The presenters were unanimous in their opposition to the removal of Section 6quin of the Income Tax Act, which since 2012 has eliminated double tax so that multinational companies can more ...
Finance Standing Committee
Base Erosion and Profit Shifting: joint workshop
11 Sep 2015
Participants at the workshop were told there were three portfolio committees coordinating the Base Erosion and Profit Sharing (BEPS) project -- Finance, Mineral Resources and Trade and Industry. This meeting was to take forward processes that had begun with the Trade and Industry Committee last year, and had gone as ...
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 ...
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
Retirement Reforms: workshop
26 Aug 2015
National Treasury held a workshop on Retirement Reforms, giving background on retirement and savings funds before moving on to government proposals for retirement reform. This covered initiatives to boost household savings, key problems in the system, the retirement reform policy proposals, and progress with these proposals.
The retirement reform policy ...
Finance Standing Committee
South African Revenue Service (SARS) quarterly performance
25 Aug 2015
Key activities for the SARS 2015 programme was an operating model review and an ICT and modernisation review. Objectives included to materially increase revenue, ensure strong control over border posts, and become a customer and employee centric organisation. Customs and excise would be elevated to a key priority area; SARS ...
Finance Standing Committee
Taxation Laws Amendment Bill & Taxation Administration Laws Amendment Bill: workshop
18 Aug 2015
National Treasury and the South African Revenue Service (SARS) held a workshop with the Committee on the Draft Taxation Laws Amendment Bill (TLAB) and the Taxation Administration Laws Amendment Bill (TALAB). Discussions on the draft TLAB covered general business taxes, personal income tax, taxation of financial institutions and products; tax ...
Finance Standing Committee
Kuwait, Luxembourg, Netherlands, Switzerland Protocols, Andorra & and Macao Tax Information Exchange Agreement (TIEA): briefings
17 Aug 2015
The National Treasury briefed the Committee on double taxation agreements (DTAs) with Kuwait, Switzerland, Netherlands and Luxembourg. The purpose of tax treaties was to prevent double taxation of the same income, to create fiscal stability and to prevent tax avoidance and evasion. The tax profile of a treaty country took ...