https://www.miningweekly.com

RBPlat reaches R110m tax settlement with Sars

10th July 2015

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – JSE-listed Royal Bafokeng Platinum (RBPlat) on Friday said it had reached a settlement agreement with the South African Revenue Services (Sars) over a R437.5-million revised tax assessment.

Following a dispute with Sars over the 2008, 2009 and 2010 tax assessments for wholly-owned subsidiary Royal Bafokeng Resources, RBPlat agreed to hand over a R50-million upfront cash payment to Sars.

A further R60-million tax payment would be made when the subsidiary shifted into a net mining tax paying position by around 2019.

In January 2013, RBPlat received notice of the multimillion-rand revised tax assessment, which included income tax of R106-million, R246.4-million in penalties and interest of R85.1-million, following a Sars audit and a reopening of the assessments to effect certain proposed adjustments.

At the time, the company noted that Sars intended to disallow interest on R586-million in shareholders loans previously deducted by the subsidiary during the tax periods in question.

The group immediately filed an objection, which Sars rejected, followed by a Notice of Appeal in November 2014.

Edited by Creamer Media Reporter

Comments

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 10 May 2024
Magazine round up | 10 May 2024
10th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.216 0.255s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: