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Deadline for Reporting of B-BBEE Transactions looming

Dear Valued Client, 

On 12 June 2017, the office of the B-BBEE Commissioner issued notice 1 of 2017 in respect of Regulation 18 of the B-BBEE Regulations.  In terms of this regulation, where a party enters into a major B-BBEE (Major means transaction value exceeding R25 mil) it must, within fifteen (15) days of concluding the major B-BBEE transaction, submit that transaction to the B-BBEE Commission in the prescribed FORM B-BBEE 18 (https://bbbeecommission.co.za/wp-content/uploads/2017/06/FORM-BBBEE-18-Major-B-BBEE-Transaction.pdf) to comply with section 13F (1) (f) of the Act.   

This means that, Major B-BBEE transactions concluded from 9 June 2017 must be registered within fifteen (15) days. 

Where the transaction was concluded between 24 October 2014 and 8 June 2017, they must be registered with  the BEE Commission within sixty (60) calendar days from 09 June 2017, i.e. on or before 8 August 2017.

Kindly refer to this link for the notice dealing with submission for Regulation 18 - https://www.empowerdex.com/images/Documents/B-BBEETransactionsRegistration.pdf 

Where your company is listed on the JSE, kindly ensure that Form B-BBEE 1 : Compliance Report for JSE Listed Company is completed and submitted to the Commissioner’s office –
https://bbbeecommission.co.za/wp-content/uploads/2017/06/FORM-BBBEE-1-Compliance-Report-13G2.pdf

NB – this form is to be submitted within 30 days of approval of your Annual Financial Statements

Kind Regards
Empowerdex Team

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