Quite a few listed companies have had run-ins with the South African Revenue Service (Sars) over the years. Plenty have come a painful second. Industrial giants Invicta and Hudaco, to name a couple. Even now there are a handful of listed companies with outstanding tax disputes — though not quite on the same scale that Coronation Fund Managers successfully stared down last week. A tax liability of R800m is nothing to be sneezed at — even for a company with a market value of almost R13bn.

There were intimations that the Constitutional Court ruling in Coronation’s favour would send ripples of relief through many of the JSE’s larger companies that also have offshore operating structures...

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