Notes to the annual financial statements
for the year ended 31 December 2008
| Group | Company | ||||
| 2008 | 2007 | 2008 | 2007 | ||
| R’000 | R’000 | R’000 | R’000 | ||
| 28. | Income tax expense | ||||
| South African and foreign taxation | |||||
| Current taxation – Current year normal tax |
60,921 | 103,447 | 45,003 | 80,758 | |
| – Prior year underprovision | 3,693 | 18,559 | 4,858 | 18,559 | |
| 64,614 | 122,006 | 49,861 | 99,317 | ||
| Deferred taxation | |||||
| – Current year | (13,018) | 2,877 | (13,030) | 2,877 | |
| – Prior year underprovision | – | (3,410) | – | (3,410) | |
| Withholding tax | 116 | – | 116 | – | |
| Secondary tax on companies | 5,126 | 8,655 | 5,126 | 8,655 | |
| 56,838 | 130,128 | 42,073 | 107,439 | ||
| Reconciliation of taxation | |||||
| South African normal taxation at statutory tax rate of 28% (2007: 29%) | 74,843 | 125,200 | 56,286 | 106,063 | |
| Foreign subsidiary tax rate difference | (1,235) | – | – | – | |
| Adjusted for: | |||||
| – Change in rate of taxation | (500) | – | (491) | – | |
| – Prior year underprovision | 3,693 | 15,149 | 4,858 | 15,149 | |
| – Exempt income | (40,735) | (38,730) | (38,927) | (32,995) | |
| – Capital gains tax | 10,066 | 9,552 | 10,066 | 9,552 | |
| – Disallowed expenses | 5,464 | 10,060 | 5,039 | 773 | |
| – Secondary tax on companies | 5,126 | 8,655 | 5,126 | 8,655 | |
| – Withholding tax in foreign subsidiary | 116 | 242 | 116 | 242 | |
| Taxation charge in income statement | 56,838 | 130,128 | 42,073 | 107,439 | |
