the dtic (The Department of Trade Industry and Competition) has released new B-BBEE affidavit templates which no longer allows organisations to base their annual Total Revenue figures on Management Accounts. Annual Total Revenue now needs to be based on Audited Financial Statements or Financial Statements for the latest financial year-end.
The regulations for taking an oath requires the deponent to sign the declaration in the presence of a Commissioner of Oaths. The new B-BBEE affidavit templates therefore also require the Commissioner of Oaths to notarize the date with his/her signature.
We advise organisations to share these amendments with their Supply Chain and Procurement Departments to phase in the use of these new templates and ensure that supplier’s B-BBEE affidavits are up to date with B-BBEE legislative requirements going forward.
Organisations are not allowed to issue more than one B-BBEE affidavit based on the same financial period. Where organisations have submitted signed B-BBEE affidavits before the issuing of the amended templates, it should be accepted if all required criteria have been met.
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