New Sector Charter Codes

 

Sector Charter Codes

The DTI is about to issue new sector charter codes. They are going to repeal all sector codes that have not been finalised and issued by the 31st of October 2015.

The DTI have committed to releasing the framework or guideline for IRBA and SANAS verification agencies which will provide clarity to them in terms of the methodology of conducting a BEE onsite audit as well as the evidence required to validate the measured entity claim.

Old Codes vs New Codes

The DTI have given South African companies a reprieve by extending the deadline for the application of the new sector charter codes as follows:

  • All companies that are to be measured on a financial period prior to 30th of April 2015 may elect to be measured using the old codes.  Essentially this means that Measured Entities are able to maintain their current BEE level of compliance (based on the old codes) until October 2017
  • An exempt micro enterprise (companies with less than a R5 million turnover) can also still obtain an exempt micro enterprise certificate from IRBA/SANAS accredited agencies based on the old BEE codes using their annual financial statements up until the 30th of April 2015.

Are you ready for the changes? If not, or you are unsure about the process, we can assist you by doing an evaluation to establish what your best course of action is. [button link=”http://www.eastcoastbee.co.za/contact/” size=”small”]Contact Us[/button]