JOHANNESBURG – The Minister of Trade and Industry, on April 9, 2019, signed four amendments to the Amended Generic B-BBEE Codes of 2013. These amendments were gazetted on May 31, 2019 and will come into effect on November 31 2019.
The noteworthy amendments to the Codes are highlighted below:
Amendments to Amended Codes Series 000: General Principles
- The deemed Level Two Contributor status, available to 51% Black owned exempted micro-enterprises (EME) or qualifying small enterprises (QSE) are now only available to such entities if they are at least 51% Black owned on a flow-through basis.
- Similarly, the deemed Level One Contributor status, available to 100% Black owned EMEs or QSEs are now only available to such entities if they are 100% Black owned on a flow-through basis.
- Guidance has now been provided on how unincorporated joint ventures will be measured, in essence providing for the compilation of a consolidated verification certificate using the compliance data of the joint venture partners in proportion to their shares in the joint venture.