AFRICAN DAWN ANNUAL REPORT 2019 Notes to the Financial Statements continued Annual Financial Statements For the year ended 28 February 2019 Deferred Group Group Company Company 2019 2018 2019 2018 R’000 R’000 R’000 R’000 10 (4) - - 73 26. Taxation Major components of the tax expense (income) Current Group Group Company Company 2019 2018 2019 2018 R’000 R’000 R’000 R’000 Local income tax - current period - - - - Local income tax - recognised in current tax for prior periods 10 (4) - - 10 (4) - - Reconciliation of the tax expense Reconciliation between accounting loss and tax expense. Accounting loss from continued operations (9,383) (1,301) (3,923) (3,079) Tax at the applicable tax rate of 28% (2018: 28%) (2,627) (364) (1,098) (862) Tax effect of adjustments on taxable income Permanent difference interest and penalties SARS 18 (3 220) 18 (2,344) Permanent difference non-deductible expenses # 84 334 84 186 Permanent difference Impairment of investment - - - 472 Permanent difference loss on sale of subsidiary 51 - - 631 Prior period adjustments 10 - - - Deferred tax asset not raised 2,474 3,246 996 1,015 (Non-taxable income) Group loan reversal - - - (1,158) Non-deductible expenditure - Group loan impairments - - - 2,060 10 (4) - - The estimated tax loss available for set off against future taxable income is for all companies in the Group is R 98,532,924 (2018: R 89,138,336). The company estimated tax loss available for set off against future taxable income is R8,126,261 (2018: R3,941,697) per the terms of the settlement agreement assessed losses till 2017 are forfeited. # The non-deductible expenses largely related to legal fees that would not be allowed.
AFDAWN AR FINAL 2019
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