| Group | Company | ||||||
| For the year ended 31 December | 2023 % |
2022 % |
2023 % |
2022 % |
|||
| Tax as a percentage of profit before tax | 18.0 | 19.2 | 0.1 | 1.3 | |||
|---|---|---|---|---|---|---|---|
| Tax effect of: | |||||||
| – Net capital losses1 | (0.1) | (0.1) | |||||
| – Impairments charges | (0.1) | (0.1) | (0.3) | ||||
| – ECLs on financial assets at amortised cost2 | (0.1) | (0.1) | (1.2) | (0.1) | |||
| – Expenses not deductible for tax purposes3 | (0.4) | (0.6) | (0.2) | ||||
| – Other deductible tax adjustments4 | 1.3 | 0.5 | 0.8 | 0.3 | |||
| – Exempt income5 | 0.1 | 0.1 | 27.5 | 27.2 | |||
| – Reduction in tax rate | 1.4 | (0.1) | |||||
| – Post-tax equity-accounted income | 10.5 | 8.1 | |||||
| – Remeasurements of foreign normal tax | 0.2 | 0.3 | |||||
| – Dividend withholding tax | (0.2) | (0.1) | |||||
| – Prior year tax adjustments | (1.1) | 0.2 | (0.1) | ||||
| – Deferred tax assets not recognised | (0.8) | (0.3) | |||||
| – Imputed income from controlled foreign companies and investments | (0.4) | (0.6) | |||||
| Standard tax rate | 27.0 | 28.0 | 27.0 | 28.0 | |||
| Effective tax rate, excluding income from equity-accounted investments | 29.5 | 27.1 | |||||
| 1 Relates to disposals of property, plant and equipment. | |||||||
| 2 Relates to ECLs on loans which do not qualify for section 11(j). | |||||||
| 3 Expenses not deductible for tax purposes: | (0.4) | (0.6) | (0.2) | ||||
| – Consulting, legal and other professional fees | (0.2) | (0.1) | |||||
| – ESD grants | (0.1) | (0.2) | |||||
| – Distribution to beneficiaries of Exxaro ESOP Trust | (0.2) | (0.4) | |||||
| 4 Other deductible tax adjustments: | 1.3 | 0.5 | 0.8 | 0.3 | |||
| – Share-based payments | 0.6 | 0.2 | 0.9 | 0.3 | |||
| – Other | 0.7 | 0.3 | (0.1) | ||||
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IR