All data is delayed
See More

DTI drops socio-economic code changes

Nov 28 2012 18:36
Johannesburg - The trade and industry department on Wednesday withdrew proposed changes to the broad-based black economic empowerment (BBBEE) codes on socio-economic development.

"The decision comes after several stakeholders expressed concern that Statement 500 has been interpreted to mean that charities will be adversely affected," the department said in a statement.

The department said it had previously indicated it would correct any unintended interpretation after the consultation period ended on December 5.

The withdrawal meant no changes would be made to the socio-economic development section of the draft recommendations. This section proposed that companies contributing to non-profit organisations would only score broad-based BEE points if they were involved in income generating activities that only benefited blacks.

NPOs argued the proposed changes would have adversely affected charities that helped anyone other than blacks.

"The department therefore concluded that withdrawing the statement immediately would be the most appropriate response," the department said.
dti  |  bbbee



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote