Coronation sets aside R800m-R900m for dispute with Sars
Asset manager is making the provision in the event it may have to pay tax of as much as 70% of the R1.281bn in profit it reported in its most recent financial year
22 February 2023 - 11:57
UPDATED 23 February 2023 - 17:28
Coronation Fund Managers faces an additional tax bill that equates to as much as 70% of its annual profit.
The Cape Town-based asset manager said on Wednesday it will raise provisions of between R800m and R900m to cover the cost of a tax dispute with the SA Revenue Service (Sars) relating to earnings from its offshore operations dating back to 2012. The amount is as much as 70% of the R1.281bn profit Coronation reported for the year to end-September 2022...
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