BEE Skills development and learnerships are the most popular and effective way to increase your BEE scorecard. Below some of the highlights of this portion of the act and how it all fits into the BEE skill development calculation.
Firstly, the BEE calculation works on weighting points and compliance targets.
When appointing the best candidates for the learnership programs, you will get rewarded for it towards your BEE scorecard.
In return of appointing these learnerships, for the benefit of your BEE Skills development calculation, you will also receive tax benefits from SARS on two different ways.
Below the indication of income tax benefits for the company:
By appointing young learners between the ages of 18 and 29 with a salary scale of R 2,000 to R 6,000, you will be able to benefit from the youth employment incentives monthly from SARS. Monthly rebates from SARS, vary between R 500 and R 1,500 per month per learner.
By receiving tax deductible allowances from SARS for each learner entered an learnership agreement as well as completing it.
The above is a very short summary of a potential increasing way to improve your BEE scorecard and receive tax benefits from SARS.
It will require a lot more consultation to fully prepare your company for this, but it will be worth every second of your efforts.
Feel free to contact us to assist you further.
We are currently members of the Institute of Accounting & Commerce (The principle director JN Basson are registered with practice number AO652993) & South African Institute of Tax Practitioners.
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