Committee Legacy Report

Meeting report

Opening remarks by the Chairperson

Mr Y Carrim (ANC, Kwazulu-Natal), the Committee Chairperson, welcomed Members to the meeting, read through the agenda and recalled that the draft Legacy Report was sent to Members on 12 May 2024. He apologised to Members for only receiving the draft on 12 May 2024 and noted the considerable work that had gone into the draft.

The Chairperson also took issue with the Legacy Report template, which he described as “”too repetitive and long” and proposed that the procedural staff should engage with the relevant parliamentary unit that oversaw this process on the need to review their practices.

Consideration and Adoption of the Legacy Report for the Select Committee on Finance in the Sixth Parliament (2019-2024)

The Committee had set seven strategic objectives which guided its activities over the five-year term. 

Strategic Objective 1 dealt with processing the fiscal framework of the budget in terms of the Money Bills Amendment Procedure and Related Matters Act, 9 of 2009 (Money Bills Act): Twice each year, the Committee adopts reports on the fiscal framework and revenue proposals based on the National Budget and the Medium Term Budget Policy Statement (MTBPS). The Committee held public hearings as required by the Act, considered all submissions made by stakeholders ranging from worker’s unions, civil society, the business sector, academia, and ordinary members of the public. The Committee complied with the requirements of the Money Bills Act. Through these annual budget processes and its various activities, the Committee had contributed towards shaping economic and budget policy decisions, by continuously engaging with National Treasury (NT), making recommendations in its reports, and following up on these recommendations.

Strategic Objective 2 dealt with processing legislation, Double Tax Agreements, and international agreement: Each year, during the National Budget tabling process, NT proposes a range of tax amendments in its Budget Review document. The tax proposals reflected government’s commitment to stabilise the fiscus, while ensuring that the tax system remains fair, efficient, and progressive. These proposals were then referred to the Committee for processing. The Committee had processed all bills and international agreements referred to it in the term under review. The Committee engaged with the relevant stakeholders, held public hearings and meetings, and reported accordingly on these bills.

Strategic Objective 3 was about overseeing the South African Revenue Services (SARS) and monitoring revenue collection: The Committee had engaged with SARS several times through various budget processes, including the processing of the money bills, and engagement with the Office of the Tax Ombud (OTO).

Strategic Objective 4 centred on overseeing National Treasury (NT) and the entities that fell under it: The Committee had also conducted oversight over NT and its entities on their mandates, leadership and governance, fiscal sustainability, performance, and challenges. The CoTreasury Committee also followed up on recommendations made in its various reports. 

Strategic Objective 5 was about working with other committees in the economic cluster on economic growth: The Committee worked closely with the Standing Committee on Finance (SCoF). It held joint meetings, briefings, and public participation processes in various areas of its work.

Strategic Objective 6 touched on facilitating public participation: The Committee had facilitated public hearings on the money bills and all other bills referred to it. These included the National Budget, the MTBPS twice each year, the Special Appropriation Bill, Taxation Bills and Rates and Monetary Amounts Bills. The Committee processed the submissions received from stakeholders. The input from these stakeholders formed part of the Committee report and informed some recommendations made to the Minister of Finance.

Strategic Objective 7 centred on capacity-building of Members: The Committee had an induction workshop with NT, the South African Reserve Bank (SARB), and SARS in Pretoria at the beginning of the term. Throughout the term, the Committee was capacitated through various means including workshops and targeted presentations made by internal and external stakeholders.

The Legacy Report was adopted.

Committee minutes

The Committee also considered and adopted the following six sets of outstanding minutes.

Minutes dated 16 April 2024

Ms M Mamaregane (ANC, Limpopo) moved to adopt the minutes, and Ms L Moss (ANC, Western Cape) seconded the adoption.

Minutes dated 17 April 2024

Ms Mamaregane moved to adopt the minutes, and Ms D Mahlangu (ANC, Mpumalanga) seconded the adoption.

Minutes dated 23 April 2024

Ms Mahlangu moved to adopt the minutes, and Ms Moss seconded the adoption.

Minutes dated 30 April 2024

Ms Mahlangu moved to adopt the minutes, and Ms Mamaregane seconded the adoption.

Minutes dated 2 May 2024

Ms Mamaregane moved to adopt the minutes, and Ms Mahlangu seconded the adoption.

Minutes dated 7 May 2024

Ms Z Ncitha (ANC, Eastern Cape) moved for adoption and Ms Mamaregane seconded the adoption.

The Committee also noted the Chairperson's report on his attendance at the Parliamentary Network on the World Bank and the International Monetary Fund (IMF).

Concluding remarks by the Chairperson

The Chairperson thanked Members for their valuable contributions over the term and the Committee staff. He also wished Members well for the looming elections.

The meeting was adjourned.