| |
Notes to the consolidated annual financial statements |
| |
for the year ended 30 September |
| |
|
| |
| |
|
|
2008 |
2007 |
2006 |
| |
|
|
Rm |
Rm |
Rm |
| 26. |
Taxation |
|
|
|
|
| |
South African normal taxation |
|
|
|
|
| |
Current year |
|
(329) |
(193) |
(174) |
| |
Prior year |
|
(3) |
(14) |
15 |
| |
|
|
(332) |
(207) |
(159) |
| |
|
|
|
|
|
| |
Foreign and withholding taxation |
|
|
|
|
| |
Current year |
|
(319) |
(331) |
(372) |
| |
Prior year |
|
(12) |
(8) |
|
| |
|
|
(331) |
(339) |
(372) |
| |
Deferred taxation |
|
|
|
|
| |
Current year |
|
33 |
(17) |
6 |
| |
Prior year |
|
20 |
5 |
6 |
| |
Attributable to a change in the rate of income tax |
|
2 |
9 |
(10) |
| |
|
|
55 |
(3) |
2 |
| |
Secondary taxation on companies |
|
|
|
|
| |
Current year |
|
(65) |
(107) |
(2) |
| |
Deferred |
|
(2) |
(41) |
(25) |
| |
|
|
(67) |
(148) |
(27) |
| |
Taxation attributable to the company and its subsidiaries |
|
(675) |
(697) |
(556) |
| |
Per business segment: |
|
|
|
|
| |
Continuing operations |
|
|
|
|
| |
– Equipment |
|
(610) |
(446) |
(370) |
| |
– Automotive |
|
(17) |
(112) |
(93) |
| |
– Handling |
|
(18) |
8 |
(26) |
| |
– Logistics |
|
(24) |
(23) |
(14) |
| |
– Corporate and other |
|
(6) |
(124) |
(53) |
| |
Total continuing operations |
|
(675) |
(697) |
(556) |
| |
Discontinued operations |
|
|
|
|
| |
– Car rental – Scandinavia |
|
26 |
|
(9) |
| |
– Cement |
|
|
(586) |
(684) |
| |
– Coatings |
|
(22) |
(102) |
(96) |
| |
– Scientific |
|
(11) |
(26) |
(25) |
| |
– Steel tube |
|
|
(7) |
(20) |
| |
Total discontinued operations |
|
(7) |
(721) |
(834) |
| |
Total group |
|
(682) |
(1 418) |
(1 390) |
| |
|
|
|
|
|
| |
Reconciliation of rate of taxation: |
|
|
|
|
| |
South Africa normal taxation rate |
|
28.0 |
29.0 |
29.0 |
| |
|
|
|
|
|
| |
Reduction in rate of taxation |
|
(1.7) |
(7.3) |
(1.4) |
| |
Exempt income |
|
(0.7) |
(4.6) |
(0.5) |
| |
Exceptional tax |
|
|
(1.4) |
|
| |
Rate change adjustment |
|
(0.1) |
(0.4) |
|
| |
Tax losses of prior periods |
|
(0.6) |
(0.9) |
(0.4) |
| |
Prior year taxation |
|
(0.3) |
|
(0.5) |
| |
Increase in rate of taxation |
|
10.0 |
12.6 |
2.4 |
| |
Disallowable charges |
|
5.1 |
0.4 |
0.1 |
| |
Exceptional tax |
|
0.2 |
|
0.4 |
| |
Foreign tax differential |
|
1.1 |
3.2 |
0.4 |
| |
Rate change adjustment |
|
|
|
0.2 |
| |
Current year tax losses not utilised |
|
|
1.8 |
0.1 |
| |
Prior year taxation |
|
|
0.7 |
|
| |
Secondary taxation on companies |
|
3.6 |
6.5 |
1.2 |
| |
|
|
|
|
|
| |
Taxation as a percentage of profit before taxation |
|
36.3 |
34.3 |
30.0 |
| |
Taxation (excluding prior year taxation, exceptional taxation and secondary taxation on companies) as a percentage of profit before taxation after BEE transaction charge (excluding exceptional items) |
|
32.7 |
28.5 |
28.9 |
| |
|
|
Rm |
Rm |
Rm |
| |
Group tax losses and STC credits at the end of the year: |
|
|
|
|
| |
South African – taxation losses |
|
(342) |
(388) |
(363) |
| |
South African – unutilised STC credits |
|
|
(23) |
(347) |
| |
Foreign – taxation losses |
|
(391) |
(595) |
(439) |
| |
|
|
(733) |
(1 006) |
(1 149) |
| |
Utilised to reduce deferred taxation liabilities or create deferred taxation assets |
|
504 |
512 |
909 |
| |
Losses on which no deferred taxation assets raised due to uncertainty regarding utilisation |
|
(229) |
(494) |
(240) |
|
| |
|
| |
|
Review of operations 
