Coronation to apply for leave to appeal SARS judgment
Fund management company Coronation will be applying for leave to appeal a SCA judgment that ordered it to pay SARS additional taxes linked to its Irish operations, reports Moneyweb.
‘After careful consideration, the boards of the company and CIMSA (Coronation Investment Management SA), informed by the advice of legal counsel and professional tax advisers, have determined that CIMSA should apply to the Constitutional Court for leave to appeal against the SCA judgment and such application will be made within the stipulated timeline,’ the company said.
In the SCA judgment handed down on 7 February, Coronation was ordered to pay additional taxes (with interest and costs) in respect of profits earned by its international operations, Coronation Global Fund Managers, based in Dublin.
Providing an update on the financial impact of the SCA ruling, Coronation said it is required to raise a provision as a consequence of the judgment.
‘The provision is based on all financial years from 2012 to 2022 being impacted by the application of the SCA judgment and is estimated to be between R800m and R900m.’
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
