QSE AMENDED B-BBEE CODES OF GOOD PRACTICE

The DTI released a Gazette on 09 October 2014 for comment until 14 November 2014.

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SPECIALISED ENTITY AMENDED CODES OF GOOD PRACTICE

There are some significant changes in the requirements for Specialised Entities, which in some cases make it easier than in the past. The Gazette starts off by clarifying what Specialised Entities are and further states that these entities can contribute to the ownership of other enterprises as broad based ownership schemes.

Some of the important factors regulating Specialised EME’s are:

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LEGISLATION ON CONTRAVENING THE EMPLOYMENT EQUITY ACT KICKS IN

As from 1 August 2014 new laws which could lead to fines of R2,7m for contravention of the new Employment Equity Act kicked in. If you are a Designated Employer, meaning you employ more than 50 employees or has a turnover exceeding the new thresholds below within your sub sector there is now a punitive risk for not complying.

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