Stick to your year!

INVEST IN YOUR OWN PEOPLE
November 17, 2020
Hurry up with skills development: February 2021 is around the corner
November 17, 2020

Stick to your year!

You can now only be BEE-verified on your company’s financial year as recorded with the CIPC.  

SANAS, the body responsible for the accreditation of Verification Agencies, has recently provided clarification (or direction) on the measurement period that entities can use for their BEE verification.  

The effect of this, from a skills development perspective, is that in the event that you for some reason miss your end of year deadline and your skills development initiatives are not in place, you will not be able to rectify this afterwards by using management statements. You will potentially have to wait for your next financial year to affect your skills development spend and could be non-compliant for an entire year.  

This change should serve as a vivid reminder for you to start your skills development planning at the start of your financial year to ensure that you do not miss this all-important deadline.  

Contact Danie Krige at daniek@trainingportal.co.za or phone him on 087 288 5068 for assistance. 

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your adviser for specific and detailed advice. Errors and omissions excepted (E&OE).

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