How BEE Consulting Can Help Your Company Benefit from Tax Incentives
Making use of BEE consulting services is essential if you want your firm to reap maximum benefits from being B-BBEE compliant. Broad-Based Black Economic Empowerment (B-BBEE) is a positive, government-driven initiative that benefits the previously disadvantaged groups in South Africa. However, by being part of the transformation process, your firm also benefits. Knowing how to calculate your BEE score, which elements to focus on, and how to structure your firm and training initiatives to get the best score for your firm is essential.
This is where expert consulting services can benefit your firm. Our team helps you to identify the areas in which you need improvement for certification purposes and we assist you regarding the structuring of the learner component, in order to help your firm reap benefits such as tax incentives, rebates, and grants for your skills development efforts.
In-depth understanding of the various elements and the legislative requirements is important, as your firm wants to avoid fronting practices and any unethical initiatives towards the improvement of your BEE score. While your firm as an Exempt Micro Enterprise may be exempt from various requirements, if your company is a Qualifying Small Enterprise (QSE) or falls within the Generic group, you must meet all the compliance requirements if you hope to score well.
With our BEE consulting services, we make sure that your firm is compliant on the level you require before you go through the verification process. This saves you money and time in getting a good B-BBEE score. We help you to gain a better understanding of the various priority elements and how compliance can benefit your firm. In addition, we provide you with the tools and platforms to make it easier to become compliant regarding enterprise and supplier development, and skills development and training. This also applies to your procurement policies.
For instance, did you know that you can claim the cost of your skills development facilitator as a training expense, and can claim the training expenses of the candidates that are not employed by your firm? Did you know that only 15% of your investment on training can be internal non-accredited training? In addition, did you know that if you include learnerships for disabled people, you could score well in all three areas simultaneously?
Make use of our BEE consulting services and gain insight regarding the ways in which your company can benefit by structuring your skills development spending correctly.