There are two areas that I would like to address:
- Status of the sector codes
- Proposed B-BBEE Commission requirements for reporting of major B-BBEE transactions.
1. Sector Codes
The following table summarises the current position with sector codes:
|CODE||OLD CODES IMPLEMENTATION DATE||AMENDED CODES STATUS|
|Agricultural||28 December 2012||Comment closed, awaiting final document|
|Chartered Accountancy||10 May 2011||Repealed 17 February 2016|
|Construction||5 June 2009||Original code repealed 17 February 2016. Draft amended code gazetted 28 October 2016 for 60-day comment|
|Financial Services||26 November 2012||Comment closed, awaiting final document|
|Forestry||12 June 2009||Comment closed, awaiting final document|
|ICT||6 June 2012||Final code Gazetted 7 November 2016|
|Marketing, Advertising and Communication (MAC||29 August 2008 (not finalised)||Final code Gazetted 6 May 2016d|
|Property||1 June 2012||Comment closed, awaiting final document|
|Tourism||22 May 2009||Final code Gazetted 20 November 2015|
|Transport||21 August 2009||Comment closed, awaiting final document.|
What does this mean? In short, some confusion and error in the following spaces:
- Certificates and affidavits are issued under the amended general codes of good practice, and under the amended ICT, MAC and Tourism codes.
- Certificates are issued under the old, more lenient sector codes for Agriculture, Financial Services, Forestry, Property and Transport.
- Certificates and affidavits must be issued under the amended codes of good practice for companies in the Construction and Chartered Accountants sectors.