Amendments to the National Small Business Act are in the pipeline to update the definition of small business, Small Business Development Minister Lindiwe Zulu said on Tuesday. She anticipated the amendments would be finalised by the end of the 2018-19 financial year. Director-general Edith Vries explained at a media briefing on the department’s work that the act was last amended in 2004 and the definition of a small-, medium- and micro-sized enterprises (SMMEs) — based on turnover, assets and employment — was outdated. "The world has changed," she said. Extensive research including a comparative analysis with other countries had been undertaken to update the definition. The amendment bill will also provide for the establishment of an ombudsman-type body to arbitrate on matters related to small businesses, particularly the late payment of invoices, which has a crippling effect on them. The body would also arbitrate on exploitative and unfair practices as they relate to small business...
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