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 quarter, which included oversight and legislative work.
Committee Report on the Rates and Monetary Amounts Amendment Bill
The Chairperson welcomed everyone and joked about Dr B Khoza (ANC) being punctual.
The Chairperson noted that the Committee had concluded the Rates and Monetary Amounts Bill, and that it had to consider and adopt the report.
The Chairperson asked if there were comments on the first four paragraphs, which were straightforward. Paragraph five noted the Committee concerns, and contained a point made by Dr Khoza.
The Chairperson referred to page 1, bullet point 3. He had discussed the matter with the Minister and the Commissioner, whom he had met on the plane. The report also contained the input by Dr Khoza about employers inflating incomes on IRP 5 personal tax forms.
The report also contained inputs by Mr Neil Muller and Mr Dumisani Jantjes of the Parliamentary Budget Office (PBO) notably with reference to Personal Income Tax and Corporate Income Tax.
The Committee proceeded to voting, and the report on the Bill was adopted. The DA reserved its position.
Adoption of Committee minutes
Minutes were adopted without comment for March 10, 11, 17, 18, 24 and 25; April 21, 22, 28 and 29; May 5, 12, 19, 20, 26 and 27; and June 2, 3 and 10.
Adoption of oversight report
The Chairperson noted that there had been oversight visits to the Johannesburg Stock Exchange (JSE) and the Reserve Bank. The content of the report could not be changed, but the report could be moved for approval. Mr D Van Rooyen (ANC) could edit the report within the following 48 hours.
The report was adopted.
Mr D Ross (DA) asked when the Rates and Monetary Amounts Amendment Bill would be declared in the House.
The Chairperson answered that there was no requirement to pass the Bill before the end of the second term. Neither the National Assembly not the National Council of provinces had to vote as yet. It would be placed on the first plenary date.
Mr Van Rooyen said that it was still on the threshold. Amendments to taxation still had to be dealt with. The different parties would have an opportunity to make statements.
Mr Ross said that it was his last attendance at the Finance Committee. His party was moving him to the Standing Committee on Public Accounts (SCOPA). He thanked everyone, especially Mr Van Rooyen. He had served on the Committee for four years, and previously with Mr Van Rooyen. It was a high profile Committee. Mr David Maynier would become the DA spokesperson for the Finance Committee, and he himself for SCOPA.
The Chairperson said that he was sorry to see Mr Ross leave. Mr Ross had been cooperative and had made good points. He was balanced, and a credit to the opposition. He himself was a Gramscian Marxist. There were pluralist versions of what Marxism actually was. He had benefitted from working with people like Stuart Farrell. He recalled that when he and others worked in study groups, it was always anticipated what Mr Peter Smith of the IFP would have to say about a matter. His style was to look an issue over and engage with it. He was valuable for the opposition. He influenced the ANC to shape the municipal systems legislation. Many members of the governing party needed a constructive opposition. One could only learn and grow through being challenged. He himself had always looked for people who could challenge him, like Mr Colin Eglin, who had enormous intellect. The Committee wished Mr Ross well and thanked him for his contribution.
Mr Van Rooyen said that it had been a pleasure to work with Mr Ross. He was a man of detail who got to the bottom of things. It would have been good if Eskom could answer some of his questions.
The Chairperson noted that the next quarter would see the introduction of the Twin Peaks Bill, possibly in mid-July. Budget adjustments and Annual Reports would be attended to. The Committee would go to the Durban and Cape Town ports on customs visits. There was a training programme for Committee Whips.
The Chairperson thanked the Committee Secretariat, and also PMG.
The Chairperson adjourned the meeting.