Tag Archives | National Treasury


Treasury proposes reducing FSP levies

National Treasury has proposed lowering some of the levies that FSPs will pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill, to reduce the impact on small entities. Read: FSPs face paying regulators much higher levies Vukile Davidson, Treasury’s chief director of financial sector policy, told Parliament’s Standing Committee […]

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MPs ask Treasury for report on impact of new financial sector levies

Parliament’s Standing Committee on Finance has tasked National Treasury with producing a report on how the Financial Sector and Deposit Insurance Levies Bill will impact consumers and small entities. Read: FSPs face paying regulators much higher levies Treasury, the FSCA and the Prudential Authority (PA) this week briefed the committee on their responses to submissions […]

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Ex-DG describes hostility between Zuma and Treasury

Former National Treasury director-general Lungisa Fuzile says President Jacob Zuma became increasingly unhappy with Pravin Gordhan and Nhlanhla Nene because they were unwilling to sign off on decisions that risked the fiscus and the country’s sovereignty. Fuzile’s allegations are contained in a sworn statement submitted to the Judicial Commission of Inquiry into State Capture. Part […]

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Adding sugar to the Cofi?

Business Day reported on an FSCA briefing for the select committee on finance on Tuesday on the current status of the Conduct of Financial Institutions (Cofi) Bill. “The Treasury is processing the bill. Treasury deputy director-general Ismail Momoniat, who is in charge of tax and financial sector policy, said on Tuesday that it should be […]

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New RSA Retail Bond allows investors to top up or switch into other bonds

National Treasury’s Asset and Liability Management Division officially launched its Top Up Retail Bond on 1 April, offering investors a return of 8.75%, with interest compounded quarterly, over a minimum investment term of three years. Treasury said the Top Up Bond was developed in response to public demand to be able to invest smaller amounts, […]

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Asisa recommends that tax regime be left as it is when two-pot system is introduced

The Association for Savings and Investment South Africa (Asisa) says the tax regime for retirement savings should not be changed when the two-pot retirement system is introduced, but any changes should only be carefully considered at a later stage if the South African Revenue Service (Sars) finds that members are using it to derive an […]

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Benefit increases for health insurance policies

National Treasury has published the benefit increases for health insurance policies that fall under the Long-term Insurance Act (LTIA) and Short-term Insurance Act (STIA) in terms of the Demarcation Regulations. The 2016 regulations specify which types of insurance contracts are classified as accident and health policies under the STIA and as health policies under the […]

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Basic income grant or NHI will result in tax increases, says Treasury

Large permanent increases in government spending, such as for a basic income grant or National Health Insurance (NHI), will have to be met by a permanent increase in revenue, which will mean higher taxes, Ismail Momoniat, National Treasury’s deputy director-general for tax and financial sector policy, told Parliament’s Standing Committee on Finance. Treasury officials briefed […]

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