And we are off! The New Year has started and you need to start attending to our B-BBEE to ensure you obtain the level required for your entity.
One of the most important concepts in B-BBEE, which you have to remember, is that all financial contributions towards the following elements need to be made before your financial yearend:
- Socio-Economic Development;
- Enterprise Development;
- Supplier Development;
- Skills Development;
Seeing as most companies have a February Financial year-end it is very important that you make sure that all payments are made before the end of February to ensure you obtain points on these elements. Please contact your Legal Advisor to confirm the codes applicable to your company, targets that need to spend as well as amounts on each of the abovementioned elements. Remember sector codes have different targets than the Codes of Good Practise and the calculation of the amounts differ from each other.
Also, keep in mind that the new amendments for the Skills indicator under the Codes of Good Practice also new indicator and targets.
Let’s make sure everything is in place for your company to get the best possible rating!