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Note 17 - Tax Expense | 12 Months Ended
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Dec. 31, 2019
Statement Line Items [Line Items] |
Disclosure of income tax [text block] |
17 | Tax expense
|  | 2019 |  |  | 2018 |  |  | 2017 |
Tax recognised in profit or loss |  |  |  |  |  |  |  |  |  |  |  |
Current tax |  |  | 7,311 |  |  |  | 3,783 |  |  |  | 4,995 |
Income tax– current year |  |  | 6,802 |  |  |  | 2,523 |  |  |  | 3,702 |
Income tax – Prior year under provision |  |  | 29 |  |  |  | 1,075 |  |  |  | 71 |
Withholding tax expense – current year |  |  | 480 |  |  |  | 580 |  |  |  | 1,222 |
Withholding tax expense – Prior year over provision |  |  | - |  |  |  | (395 | ) |  |  | - |
Deferred tax expense |  |  | 2,979 |  |  |  | 3,662 |  |  |  | 3,696 |
Origination and reversal of temporary differences |  |  | 2,979 |  |  |  | 3,662 |  |  |  | 3,696 |
Tax expense – recognised in profit or loss |  |  | 10,290 |  |  |  | 7,445 |  |  |  | 8,691 |
Tax recognised in other comprehensive income
Income tax - current year |  | - |  |  | - |  |  | - |
Tax expense |  |  | 10,290 |  |  |  | 7,445 |  |  |  | 8,691 |
Unrecognised deferred tax assets
|  | 2019 |  |  | 2018 |  |  | 2017 |
Eersteling Gold Mining Company Limited |  |  | - |  |  |  | 4,989 |  |  |  | 4,989 |
Caledonia Holdings Zimbabwe (Private) Limited |  |  | 421 |  |  |  | - |  |  |  | - |
Greenstone Management Services Holdings Limited |  |  | 276 |  |  |  | 191 |  |  |  | 116 |
Tax losses carried forward |  |  | 697 |  |  |  | 5,180 |  |  |  | 5,105 |
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 Caledonia Holdings Zimbabwe (Private) Limited. Unrecognised tax losses of Eersteling Gold Mining Company Limited amounted to $5 for 2019 and the unrecognised tax losses relating to the entity were transferred with the sale of the entity. Deferred tax assets have not been recognised in these entities as future taxable income is not deemed probable to utilise these losses against.
Tax paid |  | 2019 |  |  | 2018 |  |  | 2017 |
Net income tax payable at January 1 |  |  | (1,538 | ) |  |  | (1,145 | ) |  |  | (345 | )
Current tax expense |  |  | (7,310 | ) |  |  | (3,783 | ) |  |  | (4,995 | )
Foreign currency movement |  |  | 3,168 |  |  |  | 46 |  |  |  | (17 | )
Tax paid |  |  | 5,517 |  |  |  | 3,344 |  |  |  | 4,212 |
Net income tax payable at December 31 |  |  | (163 | ) |  |  | (1,538 | ) |  |  | (1,145 | )
Reconciliation of tax rate
|  | 2019 |  |  | 2018 |  |  | 2017 |
Profit for the year |  |  | 50,401 |  |  |  | 13,756 |  |  |  | 11,896 |
Total tax expense |  |  | 10,290 |  |  |  | 7,445 |  |  |  | 8,691 |
Profit before tax |  |  | 60,691 |  |  |  | 21,201 |  |  |  | 20,587 |
Income tax at Company's domestic tax rate (1) |  |  | - |  |  |  | - |  |  |  | - |
Tax rate differences in foreign jurisdictions (2) |  |  | 16,232 |  |  |  | 6,465 |  |  |  | 6,546 |
Effect of income tax calculated in RTGS$ as required by PN26 (3) |  |  | (8,526 | ) |  |  | - |  |  |  | - |
Management fee – Withholding tax on deemed dividend portion (4) |  |  | 224 |  |  |  | 337 |  |  |  | 538 |
Management fee – non-deductible deemed dividend (4) |  |  | 652 |  |  |  | 579 |  |  |  | 925 |
Management fee – withholding tax current year |  |  | 129 |  |  |  | 96 |  |  |  | 427 |
Management fee – non-deductible withholding tax prior year (5) |  |  | - |  |  |  | (664 | ) |  |  | - |
Withholding tax on intercompany dividend |  |  | 128 |  |  |  | 110 |  |  |  | 90 |
Non-deductible royalty expenses |  |  | 933 |  |  |  | 882 |  |  |  | 901 |
Other non-deductible expenditure |  |  | 39 |  |  |  | 137 |  |  |  | 107 |
Export incentive income credit relating to 2016 |  |  | - |  |  |  | - |  |  |  | (284 | )
Export incentive income exemption (6) |  |  | (124 | ) |  |  | (1,649 | ) |  |  | (630 | )
Change in tax estimates |  |  |  |  |  |  |  |  |  |  |  |
- Zimbabwean income tax (7) |  |  | 29 |  |  |  | 795 |  |  |  | - |
- South African income tax |  |  | 63 |  |  |  | 220 |  |  |  | - |
- Other |  |  | - |  |  |  | 61 |  |  |  | (45 | )
Change in unrecognised deferred tax assets |  |  | 511 |  |  |  | 76 |  |  |  | 116 |
Tax expense - recognised in profit or loss |  |  | 10,290 |  |  |  | 7,445 |  |  |  | 8,691 |
( 1 ) |  | Enacted tax rate in Jersey, Channel Islands is 0% ( 2018: 0%; 2017: 0% )
( 2 ) |  | Subsidiaries registered in Zimbabwe and South Africa are subject to a corporate tax rate of 25,75% and 28% respectively.
( 3 ) |  | In 2019 ZIMRA issued PN26 that was effected retrospectively from February 22, 2019. The public notice provided clarity on Section 4 (a) of the Finance Act [Chapter 23.04] of Zimbabwe, that requires a company earning taxable income to pay tax in the same or other specified currency that the income is earned. PN 26 clarifies that the calculation of taxable income be performed in RTGS$ and that the payment of the tax be paid in the ratio of the currency that the turnover is earned. The reconciliating item reconciles the profit before tax calculated using US Dollars as the functional currency of the Zimbabwean entities to taxable income calculated in RTGS$.
( 4 ) |  | Zimbabwean tax legislation changed during 2017 that gave rise to an additional withholding tax of 15% going forward 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.
( 5 ) |  | Withholding tax on the management fee was provided for and paid at 15% in 2017. However, in the second quarter of 2018 management obtained confirmation from the ZIMRA that the withholding tax rate was reduced to 5% from February 1, 2017. The ZIMRA allowed an amount of $395 to be offset against outstanding income tax liabilities in Zimbabwe. The overpayment of withholding taxes on the management fee also resulted in a change of estimate reducing the 2017 non-deductible withholding tax in the South African subsidiary amounting to $269, estimated at 15%, to 5%. The change in estimate was accounted for prospectively in the 2018 year.
( 6 ) |  | On March 23, 2018, the ZIMRA enacted a new finance act that provided for the export credit incentive to be tax exempt. The 2018 finance bill indicated that the export incentive income will be tax exempt from June 1, 2017. The new finance bill resulted in an income tax credit being applied in the 2018 income tax calculation giving rise to a credit for the export incentive income of 2017.
( 7 ) |  | During the second quarter of 2018 management revised its estimated management fee fair value previously deducted against taxable income in the prior years. Management approached ZIMRA and reached a settlement on the amount allowed as a deduction. No penalties or interests were incurred.
Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following:
|  | Assets |  |  | Liabilities |  |  | Net |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | *2019 |  |  | *2018 |
Property, plant and equipment |  |  | - |  |  |  | - |  |  |  | (4,195 | ) |  |  | (24,930 | ) |  |  | (4,195 | ) |  |  | (24,930 | )
Allowance for obsolete stock |  |  | 22 |  |  |  | 258 |  |  |  |  |  |  |  | - |  |  |  | 22 |  |  |  | 258 |
Prepayments |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | (3 | ) |  |  | (4 | ) |  |  | (3 | )
Unrealised foreign exchange |  |  | 309 |  |  |  | 34 |  |  |  | - |  |  |  | - |  |  |  | 309 |  |  |  | 34 |
Trade and other payables |  |  | 739 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 739 |  |  |  | - |
Share based payments |  |  | 5 |  |  |  | 13 |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | 13 |
Provisions |  |  | 58 |  |  |  | 1,386 |  |  |  | - |  |  |  | - |  |  |  | 58 |  |  |  | 1,386 |
Other |  |  | - |  |  |  | 12 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12 |
Tax assets/ (liabilities) |  |  | 1,133 |  |  |  | 1,703 |  |  |  | (4,199 | ) |  |  | (24,933 | ) |  |  | (3,066 | ) |  |  | (23,230 | )
* The deferred tax liability consists of a deferred tax asset of $63 ( 2018: $98 ) from the South African operation and a net deferred tax liability of $3,129 ( 2018: $23,328 ) due to the Zimbabwean operation. The amounts are in different tax jurisdictions and cannot be offset. The amounts are presented as part of Non-current assets and a Non-current liabilities in the Statements 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, 2019 |  |  | Recognised in profit or loss |  |  | Foreign exchange movement |  |  | Balance December 31, 2019 |
Property, plant and equipment |  |  | (24,930 | ) |  |  | (4,561 | ) |  |  | 25,296 |  |  |  | (4,195 | )
Allowance for obsolete stock |  |  | 258 |  |  |  | 11 |  |  |  | (247 | ) |  |  | 22 |
Prepayments |  |  | (3 | ) |  |  | - |  |  |  | (1 | ) |  |  | (4 | )
Unrealised foreign exchange |  |  | 34 |  |  |  | 519 |  |  |  | (244 | ) |  |  | 309 |
Trade and other payables |  |  | 486 |  |  |  | 1,093 |  |  |  | (840 | ) |  |  | 739 |
Share based payments |  |  | 13 |  |  |  | (9 | ) |  |  | 1 |  |  |  | 5 |
Provisions |  |  | 852 |  |  |  | 11 |  |  |  | (805 | ) |  |  | 58 |
Other |  |  | 60 |  |  |  | (43 | ) |  |  | (17 | ) |  |  | - |
Total |  |  | (23,230 | ) |  |  | (2,979 | ) |  |  | 23,143 |  |  |  | (3,066 | )
|  | Balance January 1, 2018 |  |  | Recognised in profit or loss |  |  | Foreign exchange movement |  |  | Balance December 31, 2018 |
Property, plant and equipment |  |  | (20,985 | ) |  |  | (3,945 | ) |  |  | - |  |  |  | (24,930 | )
Allowance for obsolete stock |  |  | 35 |  |  |  | 223 |  |  |  | - |  |  |  | 258 |
Prepayments |  |  | (4 | ) |  |  | - |  |  |  | 1 |  |  |  | (3 | )
Unrealised foreign exchange |  |  | 97 |  |  |  | (63 | ) |  |  | - |  |  |  | 34 |
Trade and other payables |  |  | 429 |  |  |  | 57 |  |  |  | - |  |  |  | 486 |
Share based payments |  |  | 12 |  |  |  | 3 |  |  |  | (2 | ) |  |  | 13 |
Provisions |  |  | 813 |  |  |  | 47 |  |  |  | (8 | ) |  |  | 852 |
Other |  |  | 48 |  |  |  | 16 |  |  |  | (4 | ) |  |  | 60 |
Total |  |  | (19,555 | ) |  |  | (3,662 | ) |  |  | (13 | ) |  |  | (23,230 | )

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