Broad-Based Black Economic Empowerment (B-BBEE) is becoming an integral part of any business in South Africa. Although the Broad-Based Black Economic Empowerment Act No 53 of 2003 and the related Amended Codes of Good Practice issued by the dti do not legally enforce anyone to comply with this, it is becoming increasingly difficult to do business without a verified scorecard that states the enterprise’s recognition level.
To empower effectively, and thus score a good recognition level on the scorecard, requires expertise and well considered planning and implementation. The effect of any empowerment transaction has a direct effect on the business strategy, tax planning and operational functioning of an enterprise. It is therefore imperative to seek professional advice in this regard to avoid any costly mistakes.
There are several stages of the B-BBEE needs of an enterprise. Firstly, consultation must take place in order to gain expert advice on the formulation of a B-BBEE strategy. Effective implementation of this strategy is key to the successful empowerment of the enterprise. Subsequent to this, a scorecard must be compiled for the enterprise and the necessary working papers in the preparation of the independent verification must be drawn up. Lastly, the scorecard has to be independently verified by an accredited B-BBEE verification agent, where after the agent will issue the B-BBEE certificate for the enterprise. This certificate is valid for a period of 12 months from date of issue.
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