| |
| |
2018
R’000 |
|
|
2017
R’000 |
|
| Current taxation |
1 416 788 |
|
|
1 288 023 |
|
| Current year |
1 432 909 |
|
|
1 310 451 |
|
| Prior years’ overprovision |
(16 121) |
|
|
(22 428) |
|
| Deferred taxation |
14 927 |
|
|
33 698 |
|
| Current year |
35 091 |
|
|
21 626 |
|
| Prior years’ (overprovision) underprovision |
(20 164) |
|
|
11 873 |
|
| Change in rate of taxation |
– |
|
|
199 |
|
| Foreign withholding taxation |
4 882 |
|
|
6 511 |
|
| Total taxation per consolidated income statement |
1 436 597 |
|
|
1 328 232 |
|
| Comprising |
|
|
|
|
|
| South African taxation |
1 325 750 |
|
|
1 249 134 |
|
| Foreign taxation |
110 847 |
|
|
79 098 |
|
| |
1 436 597 |
|
|
1 328 232 |
|
| The reconciliation of the effective taxation rate with the South African company taxation rate is: |
% |
|
|
% |
|
| Taxation for the year as a percentage of profit before taxation |
27,0 |
|
|
21,4 |
|
| Net change in remeasurement and changes in shareholding of associates |
(1,2) |
|
|
5,1 |
|
| Associates |
2,2 |
|
|
1,7 |
|
| Effective rate excluding associate income |
28,0 |
|
|
28,2 |
|
| Dividend and exempt income |
3,3 |
|
|
2,0 |
|
| Foreign taxation rate differential |
0,4 |
|
|
(0,2) |
|
| Impairment of goodwill |
(0,1) |
|
|
– |
|
| Preference share funding |
(1,1) |
|
|
(1,0) |
|
| Other non deductible expenses |
(1,8) |
|
|
(1,0) |
|
| Changes in recognition of deferred tax assets |
(1,5) |
|
|
(0,2) |
|
| Capital gains rate differential |
– |
|
|
(0,2) |
|
| Changes in prior years’ estimation |
0,8 |
|
|
0,2 |
|
| Change in rate of taxation |
– |
|
|
0,2 |
|
| Rate of South African company taxation |
28,0 |
|
|
28,0 |
|
| |
R’000 |
|
|
R’000 |
|
| Estimated tax losses available for offset against future taxable income |
1 432 442 |
|
|
1 013 193 |
|
| Utilised in the computation of deferred taxation |
(777 256) |
|
|
(530 221) |
|
| Not accounted for in deferred taxation |
655 186 |
|
|
482 972 |
|
|
|
|
|
|
|
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. |