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Notes to the company financial statements

for the year ended 30 June 2008
 
 
Spacer
  
2008  
2007  
     
R’000  
  
R’000  
9. TAXATION        
  South African normal tax  
365  
508  
  – current year  
–  
13  
  – underprovisions relating to prior years  
3 129  
6 239  
  Capital gains tax  
3 494  
6 760  
     
  The company has unused credits in respect of secondary tax on companies of R271,7 million (2007: R92,1 million). No deferred tax asset has been raised on these amounts as there is no certainty that the credits will to be utilised in the foreseeable future.  
     
  Reconciliation of tax rate (%)  
28,00  
29,00  
  Nominal tax rate  
  Adjusted for:  
  Dividend income  
(29,32) 
(21,28) 
  Exempt income  
(2,64) 
(7,61) 
  Capital gains tax on disposal of available-for-sale investments  
1,32  
3,80  
  Underprovisions prior years  
–  
0,01  
  Disallowable expenditure  
4,11  
0,19  
  Other  
–  
0,01  
  Effective tax rate  
1,47  
4,12  
           
           

 
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