This blog was co-authored by Hishaam Khan, Candidate Attorney
The Minister of Trade, Industry and Competition has recently clarified the confusion on whether Broad-Based Black Economic Empowerment (B-BBEE) trusts should be recognised as B-BBEE owners in B-BBEE structures for the purposes of the B-BBEE Codes of Good Practice. In the Practice Note published during May
Donations to non-profit entities may carry a tax benefit for the donor – the hallowed section 18A certificate. This allows the donor to claim a tax refund and encourages donations. Non-profit entities that are Public Benefit Organisations (PBO) can issue these certificates. PBO status is granted by the South African Revenue Service (SARS) under the
Broad-based black economic empowerment (BEE) ownership transactions that have gone wrong are often exciting fodder for emotive news articles. But BEE ownership transactions are fundamentally the same as any other ownership transaction and shareholder selection process that would be undertaken in the ordinary course. However, a lack of understanding of the regulatory framework often creates
COVID-19 is affecting businesses globally. However, its impact on the broad-based black economic empowerment (BEE) status of a business is an effect which is unique to South Africa.
Here are 10 things to know about the potential effects of COVID-19 on BEE and your business:
1. BEE verifications can still be conducted
The South African
Like many other changes being experienced by companies as a result of COVID-19, the requirement for an on-site visit as part of the BEE verification process prescribed by the South Africa National Accreditation System (SANAS) has been amended to take into account COVID-19.
Prior to COVID-19, SANAS required BEE verification agents to verify and evaluate
In the first proposed amendments to the Companies Act 2008 since coming into force in 2011, it is proposed that the Companies Tribunal be given the power to adjudicate matters referred to it by the BEE Commission. This amendment would enable the BEE Commission to refer matters to the Tribunal, particularly where complaints and reported
Projects aiming to reach financial close in the third round of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) in November 2014 will be affected by the amended Broad-Based Black Economic Empowerment Codes of Good Practice (Amended B-BBEE Codes) following amendments to the Implementation Agreement.
Some of the most significant changes to the Implementation