Did you know that you can claim the same beneficiary for Enterprise and Supplier Development ?
Though the 2019 Amendments to Code Series 400 (government gazette 42496 issued on 31 May 2019 and made affective from 01 December 2019), clearly define which companies qualify as beneficiaries under both elements, the same beneficiary can be claimed for Enterprise and Supplier Development, provided the contribution is not double counted.
As an example if your financial period is 01 January 2022 to 31 December 2022, you can utilize the month of November to implement the following:
• Week 1: Identity the qualifying beneficiary for Enterprise Development (kindly note that this company cannot be a current supplier and will need to adhere to specific requirements in terms of its turnover and percentage Black ownership).
• Week 2: Once identified, make a qualifying contribution to this beneficiary for Enterprise Development.
• Week 3: Add this beneficiary to your supplier or vendor list and procure goods or services from them whereby the beneficiary is graduated to Supplier Development level and now qualifies as a beneficiary for Supplier Development.
• Week 4: Make a qualifying contribution to this beneficiary for Supplier Development.
The above process can easily be copied to accommodate any financial period, however to properly assist you in ensuring that all contributions qualify and are recognised for points, contact your regional Labournet office today!
For more information and assistance with your current or upcoming B-BBEE verification, kindly contact your regional Labournet office.
0861 LABNET (0861 522638).
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Email us: support@labournet.com
