| Notes to the consolidated financial statements – Note 4 |
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2014
R'000 |
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| 4. |
Taxation |
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Current taxation |
2 347 781 |
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1 913 137 |
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Current year |
2 282 169 |
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1 938 942 |
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Prior years’ under (over) provision |
65 612 |
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(25 805) |
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Deferred taxation |
(96 597) |
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178 669 |
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Current year |
(65 360) |
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191 026 |
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Prior years’ over provision |
(31 191) |
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(615) |
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Change in rate of taxation |
(46) |
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(11 742) |
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Foreign withholding taxation |
24 854 |
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15 367 |
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Total taxation per consolidated income statement |
2 276 038 |
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2 107 173 |
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Comprising |
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South African taxation |
1 271 817 |
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1 285 064 |
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Foreign taxation |
1 004 221 |
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822 109 |
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2 276 038 |
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2 107 173 |
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2014
% |
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The reconciliation of the effective tax rate with the South African company tax rate is: |
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Taxation for the year as a percentage of profit before taxation |
27,0 |
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30,3 |
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Associates |
0,7 |
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0,4 |
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Effective rate excluding associate income |
27,7 |
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30,7 |
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Dividend and exempt income |
1,3 |
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2,5 |
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Foreign taxation rate differential |
0,8 |
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0,3 |
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Non-deductible expenses |
(1,6) |
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(6,0) |
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Changes in recognition of deferred tax assets |
1,0 |
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(0,7) |
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Capital gains rate differential |
(0,8) |
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0,5 |
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Changes in prior years’ estimation |
(0,4) |
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0,5 |
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Change in rate of taxation |
– |
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0,2 |
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Rate of South African company taxation |
28,0 |
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28,0 |
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R’000 |
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R’000 |
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Estimated tax losses available for offset against future taxable income |
1 689 284 |
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1 308 808 |
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Utilised in the computation of deferred taxation |
(990 271) |
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(565 099) |
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Not accounted for in deferred taxation |
699 013 |
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743 709 |
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Deferred taxation assets have not been recognised in respect of certain tax losses as the directors believe
it is not probable that the relevant companies will generate taxable profit in the near future, against which
the benefits can be utilised. |
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| Notes to the consolidated financial statements – Note 4 |
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