| |
2018
% |
|
| Reconciliation of the tax rate |
|
|
|
|
| South African normal tax rate |
28.00 |
|
28.00 |
|
| Adjustments for non-cash items: |
|
|
|
|
| Income not taxable – profit on sale of property, plant and equipment and investments |
(9.83) |
|
(0.15) |
|
| Income not taxable – partnerships |
(0.36) |
|
(0.48) |
|
| Income not taxable – gain on derecognition of lease assets and liabilities |
– |
|
(0.78) |
|
| Expenses not deductible – associate loss |
– |
|
1.10 |
|
| Expenses not deductible – impairment of intangible assets and investment |
0.28 |
|
0.28 |
|
| Expenses not deductible – interest on preference shares |
1.15 |
|
2.21 |
|
| Expenses not deductible – interest on borrowings and acquisition costs |
0.48 |
|
0.79 |
|
| Other |
(1.09) |
|
(0.54) |
|
| Deferred tax through other comprehensive income |
0.56 |
|
– |
|
| Prior year underprovision |
0.81 |
|
0.54 |
|
| Withholding taxes |
2.57 |
|
0.02 |
|
| Assessed losses previously not recognised |
(1.67) |
|
0.27 |
|
| Impact of different international tax rates |
1.62 |
|
1.27 |
|
| Effective rate |
22.52 |
|
32.53 |
|
|
|
|
|
|
The Group has raised deferred tax on estimated tax losses of R622 million (2018: R256 million) available to offset against future taxable income. Tax losses of R64 million (2018: R26 million) were utilised during the year.