AFRICAN DAWN ANNUAL REPORT 2018 Notes to the Financial Statements continued Annual Financial Statements For the year ended 28 February 2018 72 29. Taxation Major components of the tax expense (income) Current Group Group Company Company 2018 2017 2018 2017 R’000 R’000 R’000 R’000 Local income tax - current period - - - - Local income tax - recognised in current tax for prior periods (4) - - - (4) - - - Deferred Temporary difference assessed losses used and not raised - (26) - - Total temporary differences - (26) - - Total Tax (4) (26) Reconciliation of the tax expense Reconciliation between accounting loss and tax expense. Accounting loss from continued operations (1,301) (7,340) (3,079) (6,650) Tax at the applicable tax rate of 28% (2017: 28%) (364) (2,055) (862) (1,862) Tax effect of adjustments on taxable income (Non-taxable income) - SARS reversal settlement/ non-deductible expenditure (3 220) 312 (2,344) 127 Non-deductible expenditure - expenses 334 3 186 - (Non-taxable income)/Non-deductible expenditure - deemed interest (122) 164 (69) 304 Non-deductible expenditure - Impairment of investment - - 472 - Non-deductible expenditure - loss on sale of subsidiaries - - 631 - Tax loss carried forward - Deferred tax asset not raised 3,368 1,550 1,084 945 (Non-taxable income) - Group loans reversal - - (1,158) - Non-deductible expenditure - Group loan impairments - - 2,060 486 (4) (26) - - The estimated tax loss available for set off against future taxable income for all companies in the Group is R 89,138,336 (2017: R 168,854,818). The company's estimated tax loss available for set off against future taxable income is R3,941,697 (2017: R70,946,643) as in terms of the settlement agreement previous assessed losses are forfeited.
AFRICAN DAWN 2018 Annual Report
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