RBPlat reaches R110m tax settlement with Sars
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.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation