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Note 14 - Tax Expense | 12 Months Ended
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Dec. 31, 2017
Statement Line Items [Line Items] |
Disclosure of income tax [text block] |
14 |  | Tax expense
|  | 2017 |  |  | 2016 |  |  | 2015 |
Tax recognised in profit or loss |  |  |  |  |  |  |  |  |  |  |  |
Current tax |  |  | 4,995 |  |  |  | 3,106 |  |  |  | (197 | )
Income tax– current year |  |  | 3,702 |  |  |  | 2,414 |  |  |  | 506 |
Income tax – Prior year under provision |  |  | 71 |  |  |  | 49 |  |  |  | (1,636 | )
Withholding tax expense |  |  | 1,222 |  |  |  | 643 |  |  |  | 933 |
Deferred tax expense |  |  | 3,696 |  |  |  | 4,611 |  |  |  | 2,567 |
Origination and reversal of temporary differences |  |  | 3,696 |  |  |  | 4,611 |  |  |  | 2,567 |
Tax expense – recognised in profit or loss |  |  | 8,691 |  |  |  | 7,717 |  |  |  | 2,370 |
Tax recognised in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Income tax - current year |  |  | - |  |  |  | - |  |  |  | (199 | )
Tax expense |  |  | 8,691 |  |  |  | 7,717 |  |  |  | 2,171 |
Unrecognised deferred tax assets
|  | 2017 |  |  | 2016 |
Tax losses carried forward |  |  | 5,105 |  |  |  | 4,989 |
Taxable losses do not expire for the entities incurring taxable losses within the group. Tax losses carried forward relate to Greenstone Management Services Holdings Limited (UK) and Eersteling Gold Mine Limited. Deferred tax assets have not been recognised in these entities as future taxable income is not deemed probable to utilise these losses against. Reconciliation of tax rate
|  | 2017 |  |  | 2016 |  |  | 2015 |
Profit for the year |  |  | 11,896 |  |  |  | 11,085 |  |  |  | 5,590 |
Total tax expense |  |  | 8,691 |  |  |  | 7,717 |  |  |  | 2,370 |
Profit before tax |  |  | 20,587 |  |  |  | 18,802 |  |  |  | 7,960 |
Income tax at Company's domestic tax rate (1) |  |  | - |  |  |  | - |  |  |  | 2,109 |
Tax rate differences in foreign jurisdictions |  |  | 6,546 |  |  |  | 6,293 |  |  |  | (63 | )
Foreign currency difference |  |  | - |  |  |  | - |  |  |  | (12 | )
Deemed interest on loans |  |  | - |  |  |  | - |  |  |  | 31 |
Management fee – non-deductible withholding tax portion |  |  | 427 |  |  |  | 427 |  |  |  | 317 |
Management fee – Withholding tax on deemed dividend portion (2) |  |  | 538 |  |  |  | - |  |  |  | - |
Management fee – non-deductible income tax portion (2) |  |  | 925 |  |  |  | - |  |  |  | - |
Withholding tax on intercompany dividend |  |  | 90 |  |  |  | 49 |  |  |  | - |
Non-deductible royalty expenses |  |  | 901 |  |  |  | 753 |  |  |  | 632 |
Other non-deductible expenditure |  |  | 107 |  |  |  | 64 |  |  |  | 442 |
Export incentive income credit 2016 (3) |  |  | (284 | ) |  |  | - |  |  |  | - |
Export incentive income exemption 2017 (3) |  |  | (630 | ) |  |  | - |  |  |  | - |
Change in tax estimate |  |  | (45 | ) |  |  | 49 |  |  |  | (1,636 | )
Change in unrecognized deferred tax assets |  |  | 116 |  |  |  | 82 |  |  |  | 550 |
Tax expense - recognised in profit or loss |  |  | 8,691 |  |  |  | 7,717 |  |  |  | 2,370 |
( 1 ) Enacted tax rate in Jersey, Channel Islands is 0% ( 2016:0% ). The domestic income tax rate of the Company changed from 26.5% to 0% after it re-domiciled from Canada to Jersey Channel Islands during 2016. ( 2 ) Zimbabwean tax legislation changed during 2017 that gave rise to an additional 15% withholding tax on a portion of the intercompany management fee considered to be a deemed dividend. The new legislation resulted in this portion of the management fee being not deductible for income tax purposes in Zimbabwe from January 1, 2017. ( 3 ) On March 23, 2017, the Zimbabwean revenue authority enacted a new finance act that provided for the export incentive income to be tax exempt. The 2018 finance bill indicated that the export incentive income will be tax exempt from June 1, 2016. The new finance bill resulted in an income tax credit being applied in the 2017 income tax calculation giving rise to a credit for the export incentive income of 2016.
Tax paid |  | 2017 |  |  | 2016 |  |  | 2015 |
Net income tax (payable)/receivable at January 1 |  |  | (345 | ) |  |  | 344 |  |  |  | (1,617 | )
Current tax (expense)/tax credit |  |  | (4,995 | ) |  |  | (3,106 | ) |  |  | 197 |
Income tax recognised through other comprehensive income |  |  |  |  |  |  |  |  |  |  | 199 |
Foreign currency movement |  |  | (17 | ) |  |  | (49 | ) |  |  | 103 |
Tax paid |  |  | 4,212 |  |  |  | 2,466 |  |  |  | 1,462 |
Net income tax payable at December 31 |  |  | (1,145 | ) |  |  | (345 | ) |  |  | 344 |
Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following:
|  | Assets |  |  | Liabilities |  |  | Net |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |  |  | * 2017 |  |  | *2016 |
Property, plant and equipment |  |  | - |  |  |  | - |  |  |  | (20,985 | ) |  |  | (17,092 | ) |  |  | (20,985 | ) |  |  | (17,092 | )
Allowance for obsolete stock |  |  | 35 |  |  |  | 12 |  |  |  | - |  |  |  | - |  |  |  | 35 |  |  |  | 12 |
Prepayments |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | (3 | ) |  |  | (4 | ) |  |  | (3 | )
Unrealised foreign exchange |  |  | 97 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 97 |  |  |  | - |
Share based payments |  |  | 12 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | - |
Provisions |  |  | 1,290 |  |  |  | 1,218 |  |  |  | - |  |  |  | - |  |  |  | 1,290 |  |  |  | 1,218 |
Tax assets/ (liabilities) |  |  | 1,434 |  |  |  | 1,230 |  |  |  | (20,989 | ) |  |  | (17,095 | ) |  |  | (19,555 | ) |  |  | (15,865 | )
* The deferred tax liability consists of a deferred tax asset of $65 ( 2016: $44 ) from the South African operations and a deferred tax liability of $19,620 ( 2016: $15,909 ) due to the Zimbabwean operations. The amounts are in different tax jurisdictions and cannot offset. The amounts are presented as a Non-current asset and a Non-current liability in the Statement of financial position. The deferred tax asset recognised is supported by evidence of probable future taxable income. Movement in recognised deferred tax assets and liabilities
|  | Balance January 1, 2017 |  |  | Recognised in profit or loss |  |  | Foreign exchange movement |  |  | Balance December 31, 2017 |
Property, plant and equipment |  |  | (17,092 | ) |  |  | (3,893 | ) |  |  | - |  |  |  | (20,985 | )
Allowance for obsolete stock |  |  | 12 |  |  |  | 23 |  |  |  | - |  |  |  | 35 |
Prepayments |  |  | (3 | ) |  |  | (1 | ) |  |  | - |  |  |  | (4 | )
Unrealised foreign exchange |  |  | - |  |  |  | 97 |  |  |  | - |  |  |  | 97 |
Share based payments |  |  | - |  |  |  | 12 |  |  |  | - |  |  |  | 12 |
Provisions |  |  | 1,218 |  |  |  | 66 |  |  |  | 6 |  |  |  | 1,290 |
Total |  |  | (15,865 | ) |  |  | (3,696 | ) |  |  | 6 |  |  |  | (19,555 | )
|  | Balance January 1, 2016 |  |  | Recognised in profit or loss |  |  | Foreign exchange movement |  |  | Balance December 31, 2016 |
Property, plant and equipment |  |  | (12,988 | ) |  |  | (4,104 | ) |  |  | - |  |  |  | (17,092 | )
Allowance for obsolete stock |  |  | - |  |  |  | 12 |  |  |  | - |  |  |  | 12 |
Prepayments |  |  | (3 | ) |  |  | 2 |  |  |  | (2 | ) |  |  | (3 | )
Provisions |  |  | 733 |  |  |  | 477 |  |  |  | 8 |  |  |  | 1,218 |
Assessed loss recognised |  |  | 998 |  |  |  | (998 | ) |  |  | - |  |  |  | - |
Total |  |  | (11,260 | ) |  |  | (4,611 | ) |  |  | 6 |  |  |  | (15,865 | )

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