THE LAST STRAW
The South African Revenue Service (Sars) has imposed a R5.5-billion tax assessment on the Sishen Iron Ore Company (SIOC) for the tax years 2006 to 2010. To add insult to injury, the assessment includes R3.7-billion in interest and penalties. SIOC, in which JSE-listed Kumba Iron Ore has a 73.9% shareholding, is understandably seeking a suspension of payment while it prepares objections. What a time to impose this on Kumba, which is in the process of unbundling out of the new-look Anglo. In the past five years, Kumba has paid R30-billion in taxes and royalties, and another R4.4-billion in payroll taxes. Needless to say, the Anglo American-controlled company is strongly disputing Sars’ arithmetic.
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