2018  R'000				2017  R’000
23	TAXATION
	South Africa normal taxation
	– current year			631 079				579 010
	– overprovision relating to prior years			(12 230)				–
	Deferred taxation
	– arising on temporary differences in current year			10 880				(2 709)
	Securities transfer taxation on redemption of preference dividends			905				1 282
	Dividend withholding tax, paid on treasury shares			13 287				5 837
	Withholding tax on management fees paid in foreign jurisdiction			1 625				–
				645 546				583 420
	Estimated losses available for the reduction of future taxable income arisingin certain subsidiary companies, which are not on care and maintenance at year-end, for which no deferred taxation assets have been raised. These losses are current and have not expired.			72 589				55 307
	Reconciliation of the taxation charge as a percentage of profit before taxation			%				%
	Statutory tax rate			28,00				28,00
	Adjusted for:
	Exempt income			(1,30)				(8,41)
	Dissallowable expenditure#			1,06				1,81
	Overprovision relating to prior years			(0,53)				–
	Deferred taxation assets not recognised			–				2,12
	Securities transfer taxation on redemption of preference shares			0,04				0,05
	Dividend withholding tax, paid on treasury shares			0,57				0,24
	Withholding tax on management fees paid in foreign jurisdiction			0,07				–
	Other items			–				(0,21)
	Effective tax rate			27,91				23,60

# Disallowable expenditure relates to finance costs on preference shares, legal and professional fees and other expenses of a capital nature not qualifying for deductions.