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Amended QSE Codes are here

08 Dec 2014

San-Reece RoelfBusinesses with an annual turnover of between R10 million and R50 million are affected by the newly amended Codes of Good Practice, which will be implemented on 1 May 2015.

After the Department of Trade and Industry had gazetted the newly amended qualifying small enterprise (QSE) scorecard on Broad-based Black Economic Empowerment (in the Codes of Good Practice Statement 600 of 10 October 2014), the public could comment and propose changes until 14 November 2014.

In the absence of a transitional period for the amended QSE Codes, it is assumed that the implementation date of 1 May 2015 will correspond with that of the recently amended Generic Codes. Businesses will have to plan ahead and keep to these time frames as the deadline is looming.

With the previous QSE Codes, businesses had the option of choosing four out of the seven elements. Having merged two elements, the amended Codes no longer offer that option. Both the amended QSE and Generic Scorecards will have five elements of which each element will have a different weighting.

Those businesses that are evaluated according to a B-BBEE Sector Code are still faced with uncertainties regarding the impact of legislative changes on their current B-BBEE status. The general consensus is that clients should follow their current Sector Codes until the Department of Trade and Industry has provided more clarity.

As these changes affect the entire South African economy, we would like to encourage our clients to embrace them.

Contact Exceed regarding compliance and advice on preparing for the amended Codes. To access the Codes gazetted on 10 October 2014, click on the following link: http://www.dti.gov.za/invitations/Phase2_BBBEE.pdf

 

For more information please contact San-Reece Roelf on 021 882 8140 / san-reece@exceed.co.za

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