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External Verifiers Guidance Notes |
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The External Verifier’s Guidance Notes were issued by the Financial Sector Charter Council (FSCC) on 9 February 2007 to provide guidance on the format in which financial institutions should submit their annual reports to the FSCC on BEE performance for the 2006 reporting year. Please note that these reports are withdrawn with immediate effect and replaced by reports which have been developed in consultation with the audit regulator, the Independent Regulatory Board for Auditors (IRBA). - 14 March 2007
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FS Charter Council Newsletter_November 2006 |
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On Wednesday 15 November 2006, the Financial Sector Charter Council (the Council) presented the review of transformation in the financial sector (2005) to the Parliamentary Portfolio Committee on Finance. The review is the first annual assessment of transformation in a sector of the South African economy undertaken in terms of the Broad-Based Black Economic Empowerment Act (BBBEE Act) for submission to the BEE Advisory Council established in terms of that Act.
- 30 November 2006
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FS Charter Council Newsletter_October 2006 |
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According to the Codes of Good Practice (Codes) there are two Sections in the Broad-based Black-Economic Empowerment (BBBEE) Act under which Transformation Charters can be gazetted. These are Section 12 and Section 9 of the Act. These two Sections of the Act provide Transformation Charters with different statuses which have different compliance implications. A Transformation Charter gazetted under Section 12 of the Act makes it binding on all institutions which fall within the relevant sector. A Transformation Charter gazetted under Section 9 of the Act gives the Transformation Charter a similar status to that of
the Codes since it will be considered a Sector Code. Please refer below for a detailed discussion about the difference between the two statuses. - 24 October 2006
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FS Charter Council Newsletter_September 2006 |
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Value Added Tax (VAT) is an indirect tax, assessed on increments in the value of a product from the raw-material stage through the production process to final sale. At each stage, the tax is levied on the amount by which inputs purchased from the preceding stage have been augmented in value. The final sale price will incorporate all of the VAT payments made along the production chain, and is a tax burden that is ultimately borne by the final consumer and is levied on the value added to the product by the vendor. - 26 September 2006
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FS Charter Newsletter_August 2006 |
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Paragraph five of the Charter covers Human Resource Development which is inclusive of both Employment Equity and Skills Development. The Employment Equity sub-paragraph of the Charter identifies the three management categories: junior, middle and senior, and stipulates the minimum salaries for each as at 31 December 2003. - 29 August 2006
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