DTI provides clarification on “clarification notice” after protest by SA Inc.

The Department of Trade and Industry backtracked on a “clarification notice” on BEE that has the business sector up in arms.

It recently announced that broad-based empowerment and employee ownership schemes will start counting less than individual share ownership, changes which could cause empowerment programs meant to benefit many end up going to a few black industrialists.

The DTI now says the provision won’t work retrospectively and that B-BBEE deals clinched before 1 May 2015 remain unaffected.

The Department will appoint a task team to investigate the best balance between active and passive ownership and will report to the Minister of Trade and Industry within 30 days.

Is the issue of broad-based empowerment still an issue? We interviewed Tony Balshaw, Senior Partner in charge of BEE at Mazars.

Scroll down to listen to the audio for more detail.

They don’t realise the huge impact of their agendas on South Africa. There is a lot of confusion. I hope the Minister will enact amendments to this after 30 days.

Tony Balshaw, Partner in charge of BEE at Mazars

This article first appeared on 702 : DTI provides clarification on “clarification notice” after protest by SA Inc.


Recommended

by NEWSROOM AI
Read More
How this year’s Budget will affect your pocket

How this year’s Budget will affect your pocket

Warren Ingram (Galileo Capital Personal Financial Advisor) critiques this year's budget.

Is EOH corrupt? Is that why Microsoft ran for the hills? Its CEO explains…

Is EOH corrupt? Is that why Microsoft ran for the hills? Its CEO explains…

The Money Show’s Bruce Whitfield interviews Stephen van Coller, CEO at EOH Holdings.

'R23 million for rent a month seems huge. I don't think we could've done better'

'R23 million for rent a month seems huge. I don't think we could've done better'

The Money Show’s Bruce Whitfield interviews Adrian Gore, founder and Group Chief Executive Officer at Discovery Limited.

‘We’d be crazy to copy! Sometimes we get it wrong. There's no culture problem'

‘We’d be crazy to copy! Sometimes we get it wrong. There's no culture problem'

The Money Show’s Bruce Whitfield interviews Ian Moir, CEO at Woolworths.

DTI shocks SA Inc. with BEE “clarification notice”

DTI shocks SA Inc. with BEE “clarification notice”

Broad-based empowerment and employee ownership schemes will from now on count less than individual share ownership.

SA’s two richest people have wealth equal to the poorest 26.5-million - Oxfam

SA’s two richest people have wealth equal to the poorest 26.5-million - Oxfam

South Africa is a country of breath-taking wealth and life stealing poverty, according to an Oxfam report on extreme inequality.

Popular articles
‘We’d be crazy to copy! Sometimes we get it wrong. There's no culture problem'

‘We’d be crazy to copy! Sometimes we get it wrong. There's no culture problem'

The Money Show’s Bruce Whitfield interviews Ian Moir, CEO at Woolworths.

'R23 million for rent a month seems huge. I don't think we could've done better'

'R23 million for rent a month seems huge. I don't think we could've done better'

The Money Show’s Bruce Whitfield interviews Adrian Gore, founder and Group Chief Executive Officer at Discovery Limited.

[VIDEO] Muizenberg pedestrian attacked in broad daylight

[VIDEO] Muizenberg pedestrian attacked in broad daylight

A woman was attacked on her way to work earlier this month.

'Bring back skilled engineers to Eskom' - Solidarity

'Bring back skilled engineers to Eskom' - Solidarity

Trade Union Solidarity says it supports Pravin Gordhan's idea that technicians who used to work for Eskom should be brought back.

Criminals targeting homes with aluminium windows, warns neighborhood watch

Criminals targeting homes with aluminium windows, warns neighborhood watch

The Panorama, Welgelegen and Plattekloof Neighbourhood Watch has identified a new house break-in trend.