South Africa’s government will offer companies new incentives in an initiative to capitalise a fund that will be used to promote Black economic empowerment, Business Day reported, citing a Ministry of Trade, Industry and Competition document.
Under the proposal, companies that contribute 3% of their net income to a so-called Transformation Fund will earn double the points currently available for a scorecard that measures businesses’ support for greater economic inclusion, the Johannesburg-based newspaper said. The increased number of points will improve companies’ access to government and corporate procurement.
The fund will be governed by a board appointed by the minister and supported by a public-private investment committee, the paper said. The revamped proposals are expected to be unveiled next week, it said.
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