Notes to the Company financial statements | Note 3
for the year ended 31 December 2010 |
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December
2010
Rm |
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December
2009
Rm |
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| 3. |
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INCOME TAX EXPENSE |
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Secondary tax on companies |
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(631) |
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(337) |
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Normal tax |
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— |
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(24) |
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Deferred tax charge |
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(1) |
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(1) |
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(632) |
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(362) |
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South African normal taxation is calculated at 28% (December 2009: 28%) of the estimated taxable income for the year. |
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December
2010
% |
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December
2009
% |
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Tax rate reconciliation |
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The charge for the year can be reconciled to the effective rate of taxation in South Africa as follows: |
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Tax at standard rate |
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28,0 |
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28,0 |
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Exempt income |
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(49,2) |
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(60,8) |
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Effect of STC |
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15,9 |
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3,9 |
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Prior year under/overprovision |
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— |
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0,2 |
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Expenses not deductible for tax purposes |
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21,2 |
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32,9 |
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15,9 |
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4,2 |
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