New BEE regulations for South Africa’s ICT sector
- Feb
- 24
- 2020
- Posted by Alexis - B-BBEE
- Posted in B-BBEE Blog
New BEE regulations for South Africa’s ICT sector
17 February 2020
The Independent Communications Authority of South Africa (Icasa) has published new draft employment equity regulations for the ICT sector.
The purpose of the draft regulations is to ‘promote equity ownership by Historically Disadvantaged Persons and to promote Broad-Based Black Economic Empowerment (B-BBEE)’, Icasa said.
The group said it plans to introduce these changes through:
- The implementation of a revised ICT sector code;
- The application of a Historically Disadvantaged Persons (HDG) equity requirement;
- Provide the manner in which to verify compliance with Historically Disadvantaged Persons and B-BBEE requirements.
Notably, the regulations also introduce strict punishments for non-compliance including a fine not exceeding R5 million or 10% of the company’s annual turnover.
Icasa said that compliance by existing licensees with these regulations is required within 24 months of being published.
Big employment equity shake-up
South African businesses are also preparing for planned amendments to the Employment Equity Act (EEA) which promise a number of significant changes to the country’s employment equity laws.
Announced by Labour minister Thulas Nxesi in July 2019, the amendment bill will regulate the setting of sector-specific employment targets to address the gross under-representation of blacks, women and persons with disabilities.
It will also ensure that an employment equity certificate of compliance becomes a precondition for access to state contracts.
A draft version of the bill published at the end of 2018 indicated that the changes being were made to speed up transformation.
The bill states that while the public sector has seen significant changes, the private sector continues to lag behind.
All material subject to our Legal Disclaimers.
Recent Posts
- 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
- MD are now on Instagram too!!! 07/01/2021
- Congratulations to Amanda Kungwayo – 15 years with MD today! 03/01/2021
- PAIA manual | MD ACCOUNTANTS AND AUDITORS INCORPORATED | Date of revision: 15/12/2020 23/12/2020
- Season’s Greetings 21/12/2020
- COIDA: EXCLUSION OF DOMESTIC WORKERS INVALID: Employers’ contributions cannot be backdated 09/12/2020
- Congratulations to Juanita Roman – 20 years with MD today! 01/12/2020
- BEE pioneers fight for their legitimacy 27/11/2020