Tag Archive | government gazette

New BEE Code targets

The trade and industry department has published a gazetted notice announcing new targets for the Codes of Good Practice, which are published in terms of the Broad-Based Black Economic Empowerment (BBBEE) Act of 2003.

The Codes were first published in 2007 and were designed to provide principles and guidelines, government says, that will facilitate and accelerate the implementation of broad-based BEE “in a meaningful and sustainable manner”

The Codes also state the timeframes within which those targets must be attained.

According to the notice, the 0-6 year targets came into effect on 9 February 2012.

The new targets apply to those entities whose measurement date falls after 9 February 2012.

Posted in BEE, Communications, Energy, Finance, economic, Health, Labour, Mining, beneficiation, Trade & Industry, Transport0 Comments

Dividends withholding tax arrives on time

In a government gazette, Treasury has confirmed that the promised dividends withholding tax is to come into operation on 1 April 2012.    This is concurrent with the Taxation Laws Amendment Bill, currently before president Zuma for assent, calling for the replacement with new regulations of the secondary tax on companies.

The dividends withholding tax will place a 10% tax on dividends declared and paid by domestic companies, also applying to foreign companies listed on the JSE.    Companies must now pay shareholders the gross dividend minus the withholding tax, a number of exemptions applying.

Comment has been to note that tax liability shifts away from the shareholder, giving Treasury a greater chance to increase its receipts. A “withholding” system is provided for, hence the name.

Dividends for tax purposes will not apply to (inter alia) government bodies, micro-businesses where revenue is less than R200,000, where the beneficiary is a “resident company” or where the dividend is paid by a foreign company listed on the JSE to a non-resident beneficiary.

Posted in Finance, economic, Trade & Industry0 Comments

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