Finweek (5 October 2006) reports that it is likely that the codes will be published by the end of October. The interview with Lionel October, conducted by Barrie Terblanche, provides a sneak preview of what is to come. According to October (the man), the codes were submitted to parliament on the 4th of October (the month), which if true, does make it likely that the codes will be made public within the next few weeks.
We can therefore expect the following from the new codes:
- The turnover threshold for exempt micro enterprises (EMEs) will be R1 million.
- Qualifying Small Enterprises (QSE's) fall below a turnover of R20 million (I have it on some authority that this figure will be R25 million).
- Companies may not be under any obligation to use a rating agency. October suggests that they can use their auditor or some other person or body to sign off the scorecard. He also says that companies may rate themselves and that the DTI would be providing on on-line tool for rating purposes.
- CSI and enterprise development are going to be consolidated into one code rated out of 20 points. The logic here is to "shift emphasis to entrepreneurship support and for CSI to be directed towards that." In other words - the creation and support of new sustainable enterprises.
This is good news indeed, especially the turnover thresholds for EMEs and QSEs.
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