January 24, 2018

Taxing times for Kumba Iron ore

Kumba Iron Ore, majority owned by Anglo American, has announced that it will challenge a tax ruling of R5.5bn ($341m) which the South African Revenue Service (SARS) made.

The sum includes R3.7bn in interest and penalties, dating from 2006 to 2010, relates to Sishen Iron Ore, which is 73.9% owned by Kumba and is Africa’s biggest mine for the steel making ingredient.

Standing its ground, a company said in a statement:  “Kumba has cooperated fully with SARS during the course of the audit, but, supported by its specialist tax and legal advisers, disagrees with SARS’ audit findings.

“Kumba will object “vigorously” to the assessment and apply to SARS to suspend payment of the money until the matter is resolved.”

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