Black economic-empowerment (BEE) advisory firm EconoBEE has called on Trade and Industry Minister Dr Rob Davies to provide clarity on the status of BEE sector codes, qualifying small enterprise (QSE) codes and amended BEE codes, which will come into effect on May 1, 2015.
EconoBEE CEO Keith Levenstein said on Thursday that sector codes and QSE codes, which applied to businesses with a turnover of between R5-million and R35-million, had yet to be issued, with just over seven months until the introduction of the amended codes.
“The Department of Trade and Industry (DTI) has said, since October 2013, that they will be issuing the codes shortly. Initially, it was the first quarter of 2014, but now they are supposed to be issued before the end of the third quarter.
“There is, however, the possibility that the DTI will issue the outstanding codes in time. Either way, we need clarity,” he said in a statement.
Levenstein said in a statement that, if a sector code was not ready for implementation by May 1, companies should be required to follow the amended codes.
“While not perfect, this is an acceptable solution. However, the Minister needs to make this announcement soon. It is already too late for companies to start planning for the amended codes. They could be excused for saying they were awaiting their sector code prior to planning for it,” he commented.