1 APFIIL2O11
STAITTSKOERANT,
No.34141
3
GoveRxH,teurNorlcE
OF TRADEAND INDUSTRY
DEPARTMENT
No. 294
t April 2011
IN TERI'S OF THE CONSUMER
OF THRESHOLD
DETERMINATION
--' -' -----
iiorecrloN Acr,2008(acr No'68oF2008)
(ActNo' 68 oj
ln termsof section6 (1) of tho ConsumerProtectionAct' 2OO8
Industry'by
2008)(the Act), the Ministerot the Departmento{ Tradeand
to the
noticein the Gazette,mustdeterminea monetarylhresholdapplicable
(b) ln termsof
sizeof the juristicpersonlor the purposesof the section5(2)
in termso{
section5(2Xb)thereof,the Act doesnot applyto anytransaction
tumover'
whichth€ consumeris a juristicpersonwhoseassetvalueor annual
thresholdvalue
at the time ol tho transactionequals or exceedsthe
6'
in termsof sec'tion
bytheMinister
determined
in
l, Dr Rob Davies,Ministeroi Tradeand Industry'do herebydetermine
(Act68 of 2008)
termsof section6 (1) of the ConsumerProtectionAct' 2OOg
to the size of the juristicpersonin
thresholdapplicable
that the monetary
OO(fwo MillionRands)The aforetermsof section5 (2) (b) is R2 000 OOO
with the
mentionedmonetarythresholdmust be calculatedin accordance
schedule.
attached
Dr.RobDavles,MP
Mlnlgterof Tradeand Industry
ol TradeandIndusw
TheDepartmgnt
P vate Eagx84
Pretoria
No.34101
G O V E F I N M E NG
T A Z E T T E '1 A P R I L2 0 1 1
SCHEDULE
- METHODOF CALCULATION
THRESHOLDDETERMINATION
L FinanclalReportingStandardsApplicable
of section6 o{ the Act,the assets,andthe turnover'
Forthe Durposes
person
in item2(1)of this notice'mustbe
contemplated
ol a iuriitic
withSouthAfricangenerallyaccepted
calculatedin accordance
standardssubjectonlyto items2, 3 and4 ol this notice'
accounting
2. Valuation ot Assets
11)
(2:)
Forthe ourDoseof s€ction6 ol the Act,the assetvalueof a juristic
personit anytime is basedon the grossvalueof thejuristicperson's
o{ sub-items(2)'
assets,subiectto the provisions
In particular
{al' the assetvalueequalsthe totalassetslessany amountshown
of value;.
or diminutlon
on that balancesheetfor depreciation
(b) the assetsareto includeall assetson the balancesheetsol me
juristicperson,includinganygoodwillor intangibleassets
includedin theirbalancesheets;
of the
(c) no deduc'tion
may betakenfor liabilitiesor encumbrances
juristicPerson;and
i'assetsin the Republic"includesall assetsarisingfrom activities
(d
in the RePublic.
3. Calculationot annualturnover
(1)
' '
(2)
' '
Forthe purposeoI section6 of the Act,the annualturnoverof-ajuristic
Dersonat anytime is the grossrev€nueo'fthatiuristicpersonfrom
incomein, inio or fromthe Republic,arisinglrom the{ollowing
and eventsas recoldedon the iuristicpersons income
transactions
oi sub-item(2):
subjectto the provisions
statement,
(a) the saleof goods;
(b) the renderingol services;and
the useby oihersol thejuristicpersons'assetsyieldlnginterest'
i"t
royahiesanddividends
In particularturnoverthe followingamountsmay be
when calculating
fai
excluded:
(i)
anyamountthatis properlyexcludedtromgrossrevenue
''
in iccordancewithSouthAfricangenerallyaccepted
standardsi
accounting
..
paid
and
calculated
amount
similar
or
any
rebates,
(ii)
taxes,
'
in directrelatjonto revenue,as ior example,salestax,
valueaddedtax,exciseduties,andsalesrebates,maybe
deductedfromgrossrevenue;
assetsandTrom
(b) revenueexcludesgainsarisingfromnoncurrent
and
loreigncurrencytransactions;
STAATSKQERANT,1 APRIL 2O11
lcl
No,341al 5
amoun6
includesthose
revenue
entiti€s,
{orbanksor insurance
In
in an incomeatalemenl
to beincluded
of incomerequired
practices'
i"#i or southam*n generallyacceptedaccounting
notedin 3 (2)(b)'
thoseamounts
butexcluding
4. Formof financlalstatemenia
assetsor tumover
Financialstatementsusedas a basisfor calculating
of iuristicPersonsit'iii'""iit-'iJ u" rrit i"risticpersons'auditedfinancialstatements'
(i)
in tormsof anylaw,thejuristicpersonsis requiredto
or
Produce
" --- suchstatements;
tor the
persons
hasauditedstatements
tiif the iuristic
and
relevant
- Perlod;
withSouthAfrican
iui- otite*isb, mu"t be preparedin accordance
standards
accounting
generallyaccBpted