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AFRICAN DAWN Annual Report 2016

continued Notes to the Financial Statements Annual Financial Statements For the year ended 29 February 2016 12. Current tax receivable/(payable) 2016 R’000 2015 R’000 2016 R’000 2015 R’000 Current tax receivable - - - - Current tax payable (15,054) (14,840) (8,220) (7,805) (15,054) (14,840) (8,220) (7,805) The current relationship with SARS is constructive and conducive to an amicable outcome. The legal advisors are awaiting an appointment to finalise with SARS. A liability has been recognised in full for all interest and penalties that are payable to SARS. Refer to note 27 which includes R0,938 million (2015: R2,710 million) relating to the interest and penalties. Change in estimate – interest and penalties on income tax and vat liability As disclosed in the prior year financial statements an estimate was made of the current tax and vat liabilities relating to Afdawn, Elite and Bhenka, plus the related interest and penalties that would be due to SARS. However, as a result of the section 200 application to SARS being declined in May 2015 additional interest and penalties of R0,938 million (2015: R2,710 million) were due. 13. Cash and cash equivalents 2016 R’000 2015 R’000 2016 R’000 2015 R’000 Cash and cash equivalents consist of: Cash on hand 192 214 - 3 Bank balances 2,813 15,183 788 10,605 3,005 15,397 788 10,608 74 AFRICAN DAWN ANNUAL REPORT 2016


AFRICAN DAWN Annual Report 2016
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