2017 R’000			2016  R’000
13	TAXATION
	South African normal taxation
	– current year		27 472			18 129
	Deferred taxation
	– reversal of temporary differences in current year (refer note 4)		—			(13 235)
	– change in capital gains taxation rate		—			3 219
	Securities transfer taxation on redemption of preference shares		865			—
			28 337			8 113
	Reconciliation of the taxation charge as a percentage of profit before taxation		%			%
	Statutory tax rate		28,00			28,00
	Adjusted for:
	Dividend income		(27,22)			(27,85)
	Disallowable expenditure		0,10			0,53
	Change in capital gains taxation rate		—			0,01
	Effective tax rate		0,88			0,69