|BEE Codes Approved - Newsletter|
|Friday, 08 December 2006 03:50|
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.
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?