Undoubtedly and certainly unsurprisingly our FAQ for July 2013 relates to the B-BBEE amendment bill (new B-BBEE act) and the revised codes. Like many of our customers we have also been sitting on the edge of our seats waiting patiently for these important documents to finally come through as official gazettes. We know that the B-BBEE amendment bill is much closer to being gazetted – initial reports were that it would be gazetted in July. Unfortunately it always takes time to go through which means delays are inevitable.
The draft codes were issued in October 2012. They only covered generic entities. They mentioned that QSEs will follow the new code 600, but this code was not included in the original draft codes. In October 2012 we asked the dti where code 600 was and they assured us it would it released in due course. This has still not happened. Until the QSE drafts have been released and the public given at least 60 days to comment we believe it would be unconstitutional for the minister to issue final revised codes for QSEs. In practice this process could take at least another 6 months. QSEs and EMEs – small businesses – make up the majority of businesses so we deserve the right to comment on codes referring to our businesses.
The impact of this new legislation to business is going to be very interesting. The B-BBEE amendment bill doesn’t specifically change any indicators on the scorecard but it does place greater emphasis on fronting. The impact of this could be a much more thorough verification by agencies not wanting to get close to any fronting lines and penalties thereafter. Once the new act is in place we can then expect the revised codes sometime thereafter. This will have a much bigger impact on the scorecard because everything will change. It is a good idea to start preparing for this but not too drastically because it may still be some time before the revised codes are finalised.
EconoBEE is proud to announce the fifth annual EconoBEE Conference – How to prepare for a B-BBEE Verification. The aim of this years’ conference is to help our delegates future proof their BEE status by gaining insight into current verification methodologies, understanding how that will impact them with future legislation and ultimately earn maximum points with less effort for their next BEE verification.
|Revised Codes impact on BEE Verification?|
Gain more insight into the B-BBEE Amendment Bill, revised codes to ensure that your business is 100% ready for its next BEE verification. Book now for our full day conference on how best to prepare for verification taking into account all legislation and interpretations.
Good Preparation for verification is the major contributing factor to earning a successful score. EconoBEE’s Prepare for Verification and Future Proof your BEE Activities conference aims to make the BEE verification process less stressful by showing you all of the tips and tricks to earn maximum points.
|Date:||29 August 2013 – JHB – Gallagher Estate|
19 September 2013 – CPT – Belmont Conference Centre
12 September 2013 – DBN – Makaranga Garden Lodge
|Time:||8:30 for 9:00 – 17:00|
|Price:||R3500 excl VAT (R3990 incl VAT)|
|Booking Details:||Email firstname.lastname@example.org|
Contact 011 483 1190
Early bird special – EconoBEE V3 worth R3500 if booked and paid for early.
Book online or download our brochure.
While there is demand for a BBBEE Scorecard someone will be taking advantage, shouldn’t that someone be you…