From 2017, with the effect of the new B-BBEE legislation, the question most business owners ask is, how to earn B-BBEE points on my scorecard? We spend endless hours working toward a solution for you and the good news is, we found it!
In short, a B-BBEE scorecard is calculated based on these factors:
- Management control
- Skill development / learnership
- Enterprise & supplier development
- Socio-economic development initiatives
- Responsible social marketing and communications
Skills Development and the New B-BBEE Codes
To earn a potential and increase number of points you need to focus on Enterprise and Supplier development
, but mostly on the skill development and learnership
part of the process.
In short, you would have to increase the amount of learnerships, to the leviable amount of your payroll.
Through this you will receive an increase amount of weighting points towards your BEE scorecard.
Your income tax benefits for learnerships are as follows:
1. Annual tax deductible allowances for newly entered and completed qualifying learnerships.
2. By using the youth employment incentive from SARS for employees, earning between R 2,000 and R 6,000 per month.
The above is a very short summary of a potential increasing way to improve your B-BBEE scorecard.
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 in this regard.
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.
Please complete the enquiry form below or contact us directly on:
Tel: 021 987 1288
If you do feel that you are in need of these services and would like us to assist you, please complete the enquiry form below:
Simply complete the enquiry form below and one of our consultants will contact you on how we can provide assistance.