KUMBA Iron Ore has received a tax finding that it must pay the South African Revenue Service (SARS) R1bn for its 2011 tax year, after earlier this year receiving a demand for R5.5bn in the previous five years.Kumba, SA’s largest iron ore miner and a 70%-held subsidiary of Anglo American, has objected to the R5.5bn demand for the years 2006 to 2010, which it told the market about in February this year, and has asked that it not have to pay the bill until the assessment is completed.The assessment was made on Kumba’s 73.9%-owned Sishen Iron Ore Company (SIOC)."Kumba has now received a similar letter of findings from SARS in relation to the 2011 tax year, indicating potential adjustments to the company’s taxable income, which would result in an additional tax liability of approximately R1bn, excluding any potential interest and penalties, should Kumba ultimately be assessed on this basis," Kumba said on Tuesday."SIOC has co-operated fully with SARS during the course of the audit but, s...
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