Urgent Notice: Extension of Transitional Period of Revised Codes

By: BQSystems  04-03-2014
Keywords: B-BBEE, BEE Revised Codes

Urgent Notice: Extension of Transitional Period of Revised Codes For those of you that have not yet familiarised yourselves with the content of these codes we suggest that you use this extension to do so urgently as they represent a significant departure from the set of rules that you are used to. The revised codes contains several drafting errors and grey areas that we believe will have to be clarified by the Dti before it can be implemented appropriately. We will keep you up to date as clarity on these matters are obtained. In the interim we are offering national workshops on the Revised Codes (Click here for more information) throughout the year in an effort to clarify the impact of the Revised Codes on businesses. Of further significance in the communication to the sectoral councils this morning is that the Dti indicates that it will "communicate officially in due course how the transitional period will apply". Even with an effective date of implementation of the revised Codes (30 April 2015) it remains unclear as to what measurement periods of businesses it will apply to. The financial year ends of businesses differ and because measurement is for a 12 month period, normally the financial period of the business, there is uncertainty as to the application of a new set of rules to measurement periods that are not exactly aligned to it i.e. 30 April 2015. We therefore hope that the indication by the Dti that they will 'communicate how it will apply' is an acknowledgement on their side of the uncertainty surrounding this problem. We will keep communicating any updates on the website and our twitter account @thebbbeeguy http://home.bqsystems.co.za/beenews/17-urgent-notice-extension-of-transitional-period-of-revised-codes.html

Keywords: B-BBEE, BEE Revised Codes