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February 15, 2009

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Sakkie O'Neil

Point 3.3.2 of Code Series 500 of the Codes states: "a Value-adding supplier, the recognisable B-BBEE Procurement Spend that can be attributed to that Supplier is multiplied by a factor of 1.2; and". On page 93 of the gassetted code under "Value-Adding Enterprise" the Codes supply the following definition:- "means an Entity registered under the Value-Added Tax of 1991, whose Net Profit Before Tax summed with its Total Labour Cost exceeds 25% of the value of its Total Revenue". As can be seen two qualifications exists - registered as a vendor under VAT (no mention of VAT collector) as well as the performance qualification. I had a quite heated exchange with Mr Chris Harries regarding this as his take is that as we "collect" VAT, we are a value-adding enterprise. Based on the above I disagreed with him as we haven't disclosed any information for him to work out whether we meet the second qualification. So I would personally treat Foshini's scorecard with a bag of salt (luckily they are not a supplier to us).

cindy

election date has been gazetted, it is 22/4/09

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