The 6 December 2006 Cabinet meeting has approved the BBBEE Codes of Good Practice.
“Cabinet meeting approved the Codes of Good Practice on Broad-Based Black Economic Empowerment (BBBEE). Mr Lionel October will now present a statement on the codes.”
In terms of the Act the minister of Trade and Industry must gazette the codes before it becomes law.
We can expect the codes to be published shortly, even if they do not get gazetted.
EconoBEE will be updating EconoBEE Scorecard and any Workshop material once the codes have been published.
We will also have detailed analysis and all new codes available for download on our website as soon as we obtain them. We will have a dedicated section on our forum for you to ask questions about the new codes.
Salient Features of the New Codes.
EMEs – The threshold increased to R5 million per annum. If your business has a turnover of less than R5 million you will automatically be exempted from all forms of BEE.
QSEs – The threshold has been increased to R35 million (though it may depend on your industry).
Now the codes are coming, what should you do?
We are thrilled that the codes are coming to finality. At least everyone will know where they stand. However the codes have still not been gazetted so you should wait until they have at least been published. When they are published beware of sensationalism! Let the experts interpret and understand them for you – especially do not make impulsive decisions.
In the meantime we’d like to thank our valued customers and readers for your support and we would like to wish you all the best for the holidays and the new year.