B-BBEE: Implementation deadline of new Codes extended
- Jendi Moore
- Mar 1, 2014
- 1 min read
The 11 October 2014 deadline for the implementation of the new B-BBEE Codes of Good Practice have officially been extended to 30 April 2015 by notice in the Government Gazette.
This extension should under no circumstances be regarded as an opportunity to rest on one's laurels, as many businesses stand to drop at least two levels on their scorecards under the new Codes unless they take fairly robust steps to remain compliant. As extending a B-BBEE programme can be a time consuming endeavour, it is therefore advisable that businesses already be well underway in aligning with the new Codes or, if they are not, to urgently seek expert assistance in this regard.
No information has been released on the effect on sector codes, although the DTI has previously advised at least some of the sector councils that they must align their sector codes to the new Codes by the implementation date, which is now 30 April 2015. However, as with all things B-BBEE, it is impossible to make long term predictions and we therefore encourage our clients to seek proper advice in this regard.
We will keep all our clients apprised of further developments, as we suspect that this is just the first of many impromptu announcements amending the somewhat disastrous new Codes.
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