Royal Bafokeng Platinum, Sars strike deal

Royal Bafokeng Platinum subsidiary reaches settlement of up to R 110 million with SARS.

Johannesburg - Royal Bafokeng Platinum’s subsidiary, Royal Bafokeng Resources, has reached a settlement worth up to R110 million with the South African Revenue Service in relation to disputed tax assessment for the three years between 2008 and 2010, the company announced on Friday.

The settlement comprises of R50 million to be paid upfront, and R60 million to be paid in the future “when and to the extent that RBR moves into a net mining tax paying position which is not anticipated to occur before 2019”, the company said in a statement.

RBR parent Royal Bafokeng Platinum, owned by the wealthy Bafokeng nation in Phokeng, in the North West has proven immune to the platinum industry woes recording decent production gains, modest profit and signing a five year wage deal.

ANA