B-BBEE Ammendments Commentry

EAST LONDON -“The latest government gazetted amended BEE Codes of Good Practice which focus excessively on black ownership, is contrary to government’s stated policies and, appears to be a reversion to narrow-based rather than broad-based Black Economic Empowerment,” says Mazars national B-BBEE leader Tony Balshaw. Mazars is a global audit, tax and advisory firm with 13 SA offices and over 900 staff.

Balshaw states forthrightly that the amendments, gazetted on Friday 11 October 2013, are far reaching, counter-productive and will have a significant, immediate impact on all businesses in South Africa. The impact is likely to be negative for existing B-BBEE compliant businesses as the amended Codes have moved away from being broad-based to narrow-based ownership-centric black economic empowerment.

“The amendments, unfortunately, do not reflect the reality of the South African economy,” says Balshaw.

Full release below.