107 / 116
105
2019
R
2018
R
14. CASH GENERATED FROM OPERATIONS
14. KONTANT GEGENEREER
DEUR BEDRYWIGHEDE
Surplus before tax
2 218 947
3 710 340
Surplus voor belasting
Adjusted for:
Aanpassings vir:
Depreciation
2 873 908
2 342 571
Waardevermindering
Dividends received
(485 755)
(322 681)
Dividende ontvang
Interest received
(1 085 871)
(895 318)
Rente ontvang
Finance costs
-
540
Finansieringskoste
Fair value adjustment
(310 761)
(172 544)
Billikewaarde-aanpassing
Profit on foreign exchange
-
(7 784)
Wins met valutaverskil
Non-cash item: Reserves
-
4 000 000
Nie-kontant items: Reserwes
Profit on sale of asset
-
(12 789)
Wins met verkoop van bate
Change in working capital
Veranderings in bedryfskapitaal
Inventory
(69 450)
55 262
Voorraad
Trade and other receivables
(13 584 342)
(1 944 425)
Handels- en ander debiteure
Trade and other payables
15 958 875
459 758
Handels- en ander krediteure
5 515 551
7 212 930
15. CONTINGENT LIABILITY
No provision has been made for taxation, as Grain SA has acted in terms
of an South African Revenue Services (SARS) letter dated 18 Septem-
ber 2006, according to which Grain SA is exempt from income tax in
terms of section 10(1)(d)(iv)(bb) of the Act. The letter states, however, that
the exemption will be reviewed when new regulations and legislation re-
garding the exemption are implemented. Section 10(1)(d)(iv)(bb) of the
Income Tax Act was amended with effect from 2 November 2010 and
Section 30B was implemented. Grain SA’s tax status has not been con-
firmed by SARS since the Section 30B introduction.
A contingent liability exists for the possible under payment of income
tax, as well as possible penalties and interest. At year-end, the
possible income tax, penalties and interests were not accounted
for in the financial statements. Certainty of the possible income tax,
penalties and interest will only be obtained after the consideration of
the application by SARS.
Grain SA submitted an application to SARS in June 2019 and is
awaiting feedback. Meetings have been convened with the Executive
and a committee was established in collaboration with management
and professional service providers to drive the restructuring of the
organisation in order to comply with the necessary amended legislation.
15. VOORWAARDELIKE AANSPREEKLIKHEID
Geen voorsiening is vir belasting gemaak nie, aangesien Graan SA
opgetree het in terme van ’n Suid-Afrikaanse Inkomstediens (SAID)
skrywe, gedateer 18 September 2006, waarvolgens Graan SA vrygestel
is van inkomstebelasting ingevolge van Artikel 10(1)(d)(iv)(bb) van die
Wet. Die skrywe meld egter dat die vrystelling hersien sal word wanneer
nuwe regulasies en wetgewing met betrekking tot die vrystelling geïm-
plementeer word. Artikel 10(1)(d)(iv)(bb) van die Inkomstebelastingwet
is gewysig effektiewelik 2 November 2010 en Artikel 30B is geïmple-
menteer. Graan SA se belastingstatus is sedert die wetswysiging vir
Artikel 30B nie deur SAID bevestig nie.
’n Voorwaardelike aanspreeklikheid bestaan ten opsigte van ’n moont-
like onderbetaling van inkomstebelasting, asook moontlike boetes
en rentes. Op jaareinde is geen teboekstelling van die moontlike in-
komstebelasting, boetes en rentes in die finansiële state gemaak nie.
Uitklaring van die moontlike inkomstebelasting, boetes en rentes sal
eers verkry word na oorweging van die aansoek deur SAID.
Graan SA het in Junie 2019 ’n aansoek by die SAID ingedien en wag
op terugvoer. Vergaderings is belê met Hoof- en Dagbestuur en ’n
komitee is aangestel wat besig is om in samewerking met bestuur en
professionele diensverskaffers die herstrukturering van die organisasie
te dryf om sodoende aan die nodige veranderde wetgewing te voldoen.