Coronation’s R761 million tax bill may swell further as it awaits ConCourt ruling | Business

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Anton Pillay, CEO of Coronation Fund Managers. PIC: Supplied.

Anton Pillay, CEO of Coronation Fund Managers. PIC: Supplied.

Coronation Fund Managers, which currently owes the South African Revenue Service (SARS) R761 million in disputed taxes, could see that liability grow further if a pending Constitutional Court case on the issue drags on.

When the Cape Town-headquartered asset manager released its interim results for the six months to end-March 2023, it estimated the SARS tax liability at R716 million. The liability dates back to 2012. However, when the group published its full-year results on Tuesday, it upped that liability estimate to R761 million in disputed taxes. 

Coronation CEO Anton Pillay said the R716 million was management’s best estimate of the tax liability from the start of the tax dispute in 2012 until end-March 2023. The updated figure of R761 million reported in Coronation’s full-year results on Tuesday covered the period from 2012 until end-September 2023.

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