RBPlat in ‘amicable settlement’ with SARS

[miningmx.com] – ROYAL Bafokeng Platinum (RBPlat) said it had reached an “amicable settlement” with the South African Revenue Service (SARS) in respect of a dispute relating to tax payable in the firm’s 2008, 2009, and 2010 financial years.

The settlement comprises of a R50m up-front cash payment followed by a further R60m million tax payment to SARS in future should the company move into a net mining tax paying position, RBPlat said.

It did not expect to move into a net mining tax paying position before its 2019 financial year, the company added.