Amended Property Sector Code Gazetted
- Jun
- 13
- 2017
- Posted by Alexis - B-BBEE
- Posted in B-BBEE Blog
The long awaited Amended Property Sector Code was gazetted on 9th June under Gazette 40910. The scorecards are as follows:
Any enterprise with an annual total turnover of R10 Million or less qualifies as an Exempted Micro-Enterprise.
Despite the above, measurement of B-BBEE Exempted Micro Enterprise (EME) for the below mentioned property segments, will apply as shown in the table below:
There are two Ownership scorecards which relate to Large Enterprises: Property owning companies (target 27% black ownership) and all other companies (target 25.1% black ownership). All other companies must comply with ownership scorecard as indicated in the DTI Codes. The Qualifying Small Enterprises (QSE) targets are 25.1% black ownership for all property sector entities.
The Management Control element has been split into Management Control and Employment Equity which the DTI Codes have combined for all other sectors. Demographic Targets based on the Economically Active Population (EAP) do not apply to Management Control but do apply to Employment Equity and Skills Development.
The Economic Development element is the unique element of the amended Property sector code and measures the extent to which entities contribute towards development in under resourced areas.
There is a Complex Structure Table as attached that identifies the elements for compliance by the different Property Sub-Segments. Different Sub-Sectors have different maximum points available with only two Sub-Sectors being able to achieve the maximum of 132 and 110. However, for BEE level purposes, points are grossed up based on a formula so that no Property Sub-Sector is disadvantaged in respect of the BEE Level they can achieve. The allocation of points for Specialised Enterprises that fall under the Property Sector Code will be published at a later date.
All material subject to our Legal Disclaimers.
Recent Posts
- Tax evaders should face jail time to curb rising non-compliance – Judge Dennis Davis 15/04/2021
- ASA Newsletter April 2021 – Article by Dave Rich 14/04/2021
- Domestic employees will now be entitled to compensation if they are injured or contract diseases while on duty 12/04/2021
- POPIA – ARE YOU READY? 08/04/2021
- Justice on 100 day countdown to be POPIA compliant 30/03/2021
- 2021/2022 MD Tax Card is now available!!! 16/03/2021
- Extended COVID-19 TERS relief for certain categories of employees 10/03/2021
- MD Accountants & Auditors Inc. | Budget 2021 25/02/2021
- MD’s Current News | February 2021 23/02/2021
- MD Accountants & Auditors Inc – Section 12J Webinar 16/02/2021
- Trusts welcome DTIC Minister Patel’s support for ownership schemes 15/02/2021
- FORFEITURE OF SEVERANCE PAY 12/02/2021
- MD’s Top Tax Savings Tips – Ahead of the Budget on 24 February 2021!!! 11/02/2021
- UIF launches e-compliance certificate system 10/02/2021
- MD’s Top Tax Savings Tips ahead of the Budget on 24th February 09/02/2021
- Potential taxes to fund the vaccine. Be prepared and plan now before the Budget! 08/02/2021
- Employment Equity Amendment Bill described as a “game-changer” 03/02/2021
- Are you being sold a dubious B-BBEE share option scheme? Hear what the B-BBEE Commission has to say… 01/02/2021
- FILING SEASON 2020: DEADLINE FOR ONLINE FILERS EXTENDED 29/01/2021
- Businesses reminded of City support to offer relief 26/01/2021
- 2nd 2021 Provisional Tax Information Request 18/01/2021
- Changes to the South African Exchange Control Rules 13/01/2021