💰Coronation fund managers might not pay an interim dividend after the Supreme Court of Appeals ordered it to pay additional taxes linked to its Irish operations in a ruling in favour of Sars💸 TheCitizenNews
Sars preliminary revenue outcome for 2020-21 better than expected, but no victory
“The company maintains, based upon consistent professional advice, that its tax treatment has been appropriate, and is therefore naturally disappointed by this judgment,” the fund manager said in a cautionary annoucement on Wednesday. Following the court order, the result of an appeal by Sars, Coronation’s share price shaved 11.05% off its value on Wednesday to close the trading session at R31.80.and Coronation have been in court over a dispute about whether the profits of Coronation Global Fund Managers , the asset manger’s subsidiary registered in Ireland, should have been included in the taxable income of its South African holding company, or whether it qualified for a tax exemption.
“Of particular significance is that CGFM has adopted an outsource business model and the attendant ramifications that may have for its tax status,” the SCA said in its ruling. “Aligned to this is whether the primary business of CGFM is that of investment , or that of maintaining its licence and managing its service providers ,” it further said.
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