| Figures in Rand thousand |
2019 |
|
Restated
2018 |
|
| Current taxation |
|
|
|
|
| Local income taxation – current year |
325 264 |
|
337 366 |
|
| Local income taxation – prior years |
(16 472) |
|
24 758 |
|
| Foreign income taxation – current year |
1 799 |
|
1 676 |
|
| |
310 591 |
|
363 800 |
|
| Discontinued operations |
69 625 |
|
66 155 |
|
| Continuing operations |
240 966 |
|
297 645 |
|
| |
310 591 |
|
363 800 |
|
| Deferred taxation |
|
|
|
|
| Originating and reversing temporary differences |
54 372 |
|
(86 957) |
|
| Prior year adjustments |
– |
|
(4 773) |
|
| |
54 372 |
|
(91 730) |
|
| Discontinued operations |
(28 803) |
|
– |
|
| Continuing operations |
83 175 |
|
(91 730) |
|
| |
54 372 |
|
(91 730) |
|
| Total taxation |
364 963 |
|
272 070 |
|
| Discontinued operations |
40 822 |
|
66 155 |
|
| Continuing operations |
324 141 |
|
205 915 |
|
| Total taxation |
364 963 |
|
272 070 |
|
| Reconciliation of rate of taxation |
% |
|
% |
|
| South African normal rate of taxation |
28,0 |
|
28,0 |
|
| Reduction in rate for the year, due to: |
|
|
|
|
| Exempt income* |
1,3 |
|
(5,2) |
|
| Foreign taxation rate difference |
(0,1) |
|
(0,8) |
|
| Share of profits of equity-accounted investments |
(0,1) |
|
(2,4) |
|
| Increase in rate for the year, due to: |
|
|
|
|
| Non-deductible expenditure** |
(23,3) |
|
2,6 |
|
| Disallowable loss on disposal |
4,3 |
|
19,4 |
|
| Prior year adjustments to over/underprovision of deferred taxation/current taxation |
0,4 |
|
1,0 |
|
| Effect of utilised/not utilised on estimated tax losses |
(13,3) |
|
5,4 |
|
| Capital gains taxation |
(0,7) |
|
0,2 |
|
| Effect of unutilised temporary differences |
(4,6) |
|
– |
|
| |
(8,1) |
|
48,2 |
|
| Unrecognised deferred taxation assets |
|
|
|
|
| Deferred taxation assets not recognised in respect of deductible temporary differences |
716 665 |
|
– |
|
| Deferred taxation assets not recognised in respect of taxation losses |
3 281 246 |
|
762 630 |
|
| |
3 997 911 |
|
762 630 |
|
* Includes capital profit on sale of fixed assets/investments and dividends received.
** Includes capital loss on sale of fixed assets/investments.
The deductible temporary differences do not expire under the current taxation legislation.
Deferred taxation assets have not been recognised in respect of these items because management does not consider it probable at this time that
future profit will be available against which the Group can utilise the benefits therefrom in the next three years.
In 2019, R105 million (2018: R399 million) of previously unrecognised taxation losses were recognised as management considered it probable that
future taxable profits would be available against which they can be utilised in the next three years.
Estimates were made in assessing the tax liability, especially with regards to uncertain tax positions and the findings of the ENS investigation.
|