Majority of Broad-Based Trusts declared ‘not Black Ownership’
- Apr
- 24
- 2019
- Posted by Alexis - B-BBEE
- Posted in B-BBEE Blog
Link to original post: https://bit.ly/2UyT3pP
BEE CRACKDOWN
Majority of broad-based trusts declared ‘not black ownership’
The Kagiso, Royal Bafokeng Nation, Wiphold Investment and Batho Batho trusts may be affected
23 April 2019 – 05:10 Carol Paton
The commission that monitors compliance with empowerment legislation has declared that the vast majority of transactions involving broad-based BEE trusts are not compliant with the law as the trusts are not genuine and effective black ownership.
The Black Economic Empowerment Commission, which was set up in the department of trade & industry in 2017, has written to dozens of companies informing them of the need to rectify their ownership structure and undergo re-verification of their BEE status or face investigation for fronting.
Short URL to this article: http://tinyurl.com/y2kjme9r
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