| |
| |
Group |
Company |
|
| |
31 March
2019
Rm |
31 March
2019
Rm |
|
| |
(366) |
(1 176) |
706 |
(306) |
|
| South African normal Company taxation |
(1 230) |
(1 057) |
(115) |
(153) |
|
| Current taxation |
(1 118) |
(928) |
– |
– |
|
| Underprovision for prior year |
(112) |
(129) |
(115) |
(153) |
|
| Deferred taxation (refer to note 18) |
879 |
(119) |
821 |
(153) |
|
| Capital allowances |
(1 971) |
(229) |
(2 017) |
(229) |
|
| Provisions and other allowances |
2 176 |
14 |
2 165 |
(5) |
|
| Tax losses |
337 |
81 |
337 |
81 |
|
| Acquisition of BCX* |
9 |
13 |
– |
– |
|
| Overprovision for prior year |
328 |
2 |
336 |
– |
|
| Securities transfer tax |
(14) |
– |
– |
– |
|
| Common control transaction |
(1) |
– |
– |
– |
|
|
|
|
|
|
|
| Reconciliation of taxation rate |
% |
% |
|
| Effective rate |
37.6 |
29.4 |
281.4 |
17.6 |
|
| South African normal rate of taxation |
28.0 |
28.0 |
28.0 |
28.0 |
|
| Adjusted for: |
9.6 |
1.4 |
253.4 |
(10.4) |
|
| Exempt income |
(3.7) |
(2.2) |
295.4 |
(14.6) |
|
| Dividends received |
– |
– |
214.2 |
(0.9) |
|
| Cell captive fair value |
(3.7) |
– |
14.3 |
– |
|
| Other exempt income** |
– |
(2.2) |
66.9 |
(13.7) |
|
| Disallowable expenditure |
18.7 |
5.3 |
(72.0) |
5.8 |
|
| Capital expenditure |
7.7 |
0.3 |
(24.5) |
1.8 |
|
| IFRS 2 |
10.0 |
– |
(27.0) |
– |
|
| Other disallowed expenditure*** |
1.0 |
5.0 |
(20.5) |
4.0 |
|
| Foreign tax |
0.2 |
– |
– |
– |
|
| Tax losses not utilised |
– |
– |
(58.1) |
– |
|
| Tax losses utilised |
15.4 |
– |
– |
– |
|
| Recognition of prior year unrecognised deferred tax asset |
– |
(0.8) |
– |
(1.8) |
|
| Deferred tax asset limitation |
– |
0.1 |
– |
– |
|
| Securities transfer tax |
1.4 |
– |
– |
– |
|
| Other |
(1.0) |
(0.5) |
– |
– |
|
| Net (overprovision)/underprovision for prior year |
(21.4) |
(0.5) |
88.1 |
0.2 |
|
| * |
The movement for the year relates to the amortisation of intangible assets acquired as part of the BCX acquisition. |
| ** |
Other exempt income includes profit on disposal on assets. |
| *** |
Other disallowed expenditure comprises mainly of professional fees, donations and legal fees which are not tax deductible. |
|