Definition of Socio-Economic Project Contributions

Definition in terms of the B-BBEE Codes of Good Practice of 11th October 2013 (BEE Codes 2013)

Socio-Economic Project Contributions

Means monetary or non-monetary contributions carried out for the benefit of any projects approved for this purpose by any organ of state or sectors including without limitation:

a)      Projects focusing on environmental conservation, awareness, education and waste management; and

b)      Projects targeting infrastructural development or reconstruction in underdeveloped areas; rural communities or geographic areas identified in government’s integrated sustainable rural development or urban renewal programmes;

c)      New Projects promoting beneficiation;

BizAdvance Consulting comments and references:

Relates to the Socio-Economic Development element of the scorecard Statement 500, page 82

Socio-Economic  Development Contributions are measured as a percentage of Net Profit after Tax.

Refer to 2.3 page 83.

Comments are based on the opinion of BizAdvance Consulting and may be subject to different interpretations and opinions by other parties. The comments and references are intended as a guide to readers but it is important that they are read in conjunction with the Codes and other related legislation. Please refer to our Disclaimer Policy.