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Tiger Brands Limited Integrated Annual Report
2014
Annual financial statements
COMPANY
GROUP
2014
2013
2014
Restated*
2013
8 Taxation
continued
%
%
8.2
The reconciliation of the effective rate
of taxation with the statutory taxation rate is
as follows:
%
%
4,1
0,8
Taxation for the year as a percentage of income
before taxation
30,8
25,9
50,1
27,9
Dividend income
–
0,1
(25,3)
(0,4)
Expenses and provisions not allowed for taxation
(10,8)
(1,5)
–
–
Assessed losses not recognised
(0,2)
(0,2)
–
–
Additional investment allowances
1,6
–
–
–
Prior year adjustments
1,4
–
(0,9)
–
Withholding taxes
(1,2)
–
–
–
Income from associates
6,2
4,5
–
(0,3)
Effect of differing rates of foreign taxes and other
sundries
0,2
(0,8)
28,0
28,0
Rate of South African company taxation
28,0
28,0
(R’million)
Tax effect of losses available to reduce future
taxable income
202,5
124,6
8.3
Reconciliation of movement on deferred
taxation
Movement recognised in the income statement
for the year
2,4
2,2
Current year charge
(107,2)
(106,7)
–
–
Adjustments in respect of previous years
(55,7)
(7,6)
(6,1)
(7,5)
Deferred tax on abnormal items
(57,8)
8,2
(3,7)
(5,3)
(220,7)
(106,1)
Movement per deferred tax accounts
(6,1)
(7,5)
Increase in deferred taxation asset
(123,3)
(105,8)
2,4
2,2
(Decrease)/increase in deferred taxation liability
(97,4)
(0,3)
(3,7)
(5,3)
(220,7)
(106,1)
*
The amounts have been restated due to the adoption of IAS 19R.