BEE Amendment Bill

Keywords: Accounting & Bookkeeping

   BEE amendment bill — Presentation Transcript1. B-BBEE AMENDMENT BILL GETS TOUGH ON MISREPRESENTATION OF BEESTATUS AND FRONTING December 2011 government dropped a bomb on unethical pretenders. Best you recheck your impressive status, and make sure everything is above board!2. INTERNAL SCORE-CARD Assess your compliance level, avoid unnecessary prosecution. Become conversant with the codes... of good practice, make sure you understand exactly how scores are attained. Bring your organisation in alignment and find out how to move from being BEE compliant towards being BEE competitive. Contact Russell Florence on 0815816998 or Rosaline on 07461003453. OFFENSES AND PENALTIES ( 1) A person is guilty of an offence if that person knowingly - (a) misrepresents or attempts to misrepresent the B-BBEE status of an enterprise: Simply put; having an invalid compliance level or a token employee is now a criminal offence. Both Verification Agency and company will be held criminally liable for such misrepresentation.4. OFFENSES AND PENALTIES (b) provides false information or misrepresents information to the Verification Personnel in order to secure a particular BBBEE status or any benefit associated with the compliance with this Act: It is up to you to recheck the information your consultants and BEE Champions sent to the Verification Agency. Simply trusting that you deserve a competitive BEE level based on your consultants work, is like buying a car for a ridiculous low amount without checking the paperwork, you will be held responsible.5. OFFENSES AND PENALTIES (c) provides false information or misrepresents information relevant to assessing the B-BBEE status of an enterprise to any organ of state or public entity. All the information you provided sits with the Verification Agency, if this information is found to be false, your organisation going to court will probably attract publicity…the risks are too high.6. IMPLICATIONS Any person convicted of an offence in terms of this Act. is liable:- (a) in case of a contravention of sub-section (1), to a fine or to imprisonment for a period not exceeding 10 years or to both a fine and imprisonment: or b) in any other case to a fine or to imprisonment for a period not exceeding 12 months or to both a fine and imprisonment: (c) in the case of an enterprise. to a fine of 10% of that enterprises annual turnover.7. IMPLICATIONS CONTINUED ) In addition. any person and/or entity convicted of an offence under subsections (1) or (3} of section 20, shall be banned from contracting or transacting any business with any organ of state and/or public entity. and shall be entered into the National Treasury register of tender defaulters. Page 20of23 24 No.34845 GOVERNMENT GAZETTE, 9 DECEMBER 2011

Keywords: Accounting & Bookkeeping


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