137 / 170
2016
R’000
2015
R’000
7.
TAXATION PAID
Balance receivable (payable) at beginning of year
59
(36)
Current taxation charge
(2 321)
(214)
Foreign withholding tax
(2 123)
(734)
Balance receivable at end of year
(41)
(59)
Amounts paid
(4 426)
(1 043)
8.
SUBSEQUENT EVENTS
No material subsequent events have arisen since June 30 2016
9.
RELATED PARTIES
The subsidiaries and associates of the group are related parties of the company. The company has made loans to, and has received loans
from, certain of these entities, details of which are reflected in annexure A of these financial statements.
All expenditure incurred by the company is borne by a subsidiary in lieu of administration fees and interest.
10.
ACCOUNTING ESTIMATES AND JUDGEMENTS
CFC income (tax)
Detailed calculations are performed to determine taxation due on controlled foreign companies (CFCs) in terms of section 9D of the Income
Tax Act. These calculations are based on financial data obtained directly from CFCs.
11.
GOING CONCERN
The financial statements have been prepared on a going concern basis as the directors have every reason to believe that the company has
adequate resources in place to continue in operation in the foreseeable future.
Bidcorp Limited Annual integrated report 2016 |
Page 133
Financial overview