SA normal tax – current year |
174 |
166 |
26 |
- |
Decrease in deferred tax ( liability )/ asset |
34 |
20 |
14 |
28 |
Change in tax rate |
( 6 ) |
- |
( 3 ) |
- |
Previous year adjustment to deferred tax |
- |
( 9 ) |
- |
- |
Previous year adjustment on income tax |
- |
( 1 ) |
- |
( 1 ) |
Total tax expense
|
202 |
176 |
37 |
27 |
The main temporary differences : Property , plant and equipment |
( 255 ) |
( 260 ) |
( 73 ) |
( 76 ) |
Inventory provisions |
40 |
25 |
13 |
20 |
Trade and other receivables |
13 |
9 |
9 |
8 |
Other provisions |
65 |
62 |
45 |
26 |
AgriRewards |
( 95 ) |
( 60 ) |
( 81 ) |
( 58 ) |
Share incentive |
( 6 ) |
( 3 ) |
( 6 ) |
( 3 ) |
IFRS 16 adjustment |
3 |
- |
- |
- |
Operational losses carried forward ** |
44 |
96 |
- |
3 |
CGT losses carried forward **** |
52 |
37 |
18 |
19 |
Other |
5 |
- |
5 |
- |
Investment in subsidiaries *** |
( 27 ) |
( 35 ) |
( 33 ) |
- |
Investment in joint ventures and associates |
17 |
17 |
- |
( 34 ) |
Deferred tax liability |
( 144 ) |
( 112 ) |
( 103 ) |
( 95 ) |
The deferred tax asset and liability are disclosed in the statement of financial position as follows : | ||||
GROUP |
COMPANY |
|||
2022 R ' m |
* 2021 R ' m |
2022 R ' m |
2021 R ' m |
|
Deferred tax asset |
96 |
148 |
- |
- |
at normal tax rate |
27 |
94 |
- |
- |
at capital gains tax rate |
69 |
54 |
- |
- |
Deferred tax liability |
( 240 ) |
( 260 ) |
( 103 ) |
( 95 ) |
at normal tax rate |
16 |
- |
( 48 ) |
( 38 ) |
at capital gains tax rate |
( 256 ) |
( 260 ) |
( 55 ) |
( 57 ) |
Deferred tax liability |
( 144 ) |
( 112 ) |
( 103 ) |
( 95 ) |
Reconciliation of deferred tax asset /( liability ) balance : Balance at the beginning of the year |
( 112 ) |
( 85 ) |
( 95 ) |
( 68 ) |
Temporary differences - change in capital gains tax rate |
6 |
- |
3 |
- |
Temporary differences - movements during the year |
( 34 ) |
( 20 ) |
( 14 ) |
( 27 ) |
Previous year adjustment to deferred tax |
- |
9 |
- |
- |
Current year subsidiary acquisitions and PPA adjustments ** |
( 9 ) |
( 16 ) |
- |
- |
Revaluations and other movements through equity |
5 |
- |
3 |
- |
Deferred tax liability |
( 144 ) |
( 112 ) |
( 103 ) |
( 95 ) |
* Refer to note 6.1 for details regarding adjusted prior year figures |
||||
** This relates to the acquisition of Suidwes Holdings ( Pty ) Ltd as well as the step acquisition of Hinterland Holdings ( Pty ) Ltd during the previous year . |
Standard tax rate |
28.0 |
28.0 |
28.0 |
28.0 |
Adjusted for : Non-taxable income ( dividends , accounting profits , impairment reversals ) |
( 1.5 ) |
( 5.9 ) |
( 6.4 ) |
( 7.9 ) |
Other incentive allowances |
( 0.2 ) |
( 0.1 ) |
( 0.4 ) |
( 0.3 ) |
Non-deductable expenses ( capital expenditure , donations , JV profits or losses ) |
0.3 |
5.6 |
1.1 |
4.4 |
Other |
- |
0.4 |
- |
- |
Utilisation of losses previously not recognised |
( 2.0 ) |
- |
- |
- |
Prior year adjustment |
- |
( 1.3 ) |
0.1 |
( 1.0 ) |
Take-on balances due to acquisition of subsidiaries |
( 0.6 ) |
( 3.9 ) |
- |
( 1.9 ) |
Change in tax rate |
( 0.7 ) |
- |
( 1.4 ) |
- |
Effective tax rate |
23.3 |
22.8 |
21.0 |
21.3 |