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Note 17 - Tax Expense | 12 Months Ended
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Dec. 31, 2021
Statement Line Items [Line Items] |
Disclosure of income tax [text block] |
17 | Tax expense
|  | 2021 |  |  | 2020 |  |  | 2019 |
Tax recognised in profit or loss |  |  |  |  |  |  |  |  |  |  |  |
Current tax |  |  | 9,051 |  |  |  | 9,492 |  |  |  | 7,311 |
Income tax - current year |  |  | 8,769 |  |  |  | 8,969 |  |  |  | 6,802 |
Income tax - change in tax estimates |  |  | (168 | ) |  |  | (54 | ) |  |  | 29 |
Withholding tax - current year |  |  | 450 |  |  |  | 577 |  |  |  | 480 |
Deferred tax expense |  |  | 5,806 |  |  |  | 5,681 |  |  |  | 2,979 |
Origination and reversal of temporary differences |  |  | 5,806 |  |  |  | 5,681 |  |  |  | 2,979 |
Tax expense – recognised in profit or loss |  |  | 14,857 |  |  |  | 15,173 |  |  |  | 10,290 |
Tax recognised in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Income tax - current year |  |  | - |  |  |  | - |  |  |  | - |
Tax expense |  |  | 14,857 |  |  |  | 15,173 |  |  |  | 10,290 |
Unrecognised deferred tax assets
|  | 2021 |  |  | 2020 |  |  | 2019 |
Caledonia Holdings Zimbabwe (Private) Limited |  |  | 1,800 |  |  |  | 593 |  |  |  | 421 |
Greenstone Management Services Holdings Limited |  |  | 516 |  |  |  | 376 |  |  |  | 276 |
Tax losses carried forward |  |  | 2,316 |  |  |  | 969 |  |  |  | 697 |
Taxable losses do not expire for the entities incurring taxable losses within the Group, unless the entities cease trading. Tax losses carried forward relate to Greenstone Management Services Holdings Limited (UK) and Caledonia Holdings Zimbabwe (Private) Limited. 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 |  | 2021 |  |  | 2020 |  |  | 2019 |
Net income tax payable at January 1 |  |  | (419 | ) |  |  | (163 | ) |  |  | (1,538 | )
Current tax expense |  |  | (9,051 | ) |  |  | (9,492 | ) |  |  | (7,310 | )
Foreign currency movement |  |  | 583 |  |  |  | 2,580 |  |  |  | 3,168 |
Tax paid |  |  | 7,426 |  |  |  | 6,656 |  |  |  | 5,517 |
Net income tax payable at December 31 |  |  | (1,461 | ) |  |  | (419 | ) |  |  | (163 | )
Reconciliation of tax rate |  | 2021 |  |  | 2020 |  |  | 2019 |
Profit for the year |  |  | 23,142 |  |  |  | 25,257 |  |  |  | 50,401 |
Total tax expense |  |  | 14,857 |  |  |  | 15,173 |  |  |  | 10,290 |
Profit before tax |  |  | 37,999 |  |  |  | 40,430 |  |  |  | 60,691 |
Income tax at Company's domestic tax rate (1) |  |  | - |  |  |  | - |  |  |  | - |
Tax rate differences in foreign jurisdictions (2) |  |  | 11,847 |  |  |  | 12,405 |  |  |  | 16,232 |
Effect of income tax calculated in RTGS$ as required by PN26 (3) |  |  | 590 |  |  |  | 2,004 |  |  |  | (8,526 | )
Management fee – withholding tax on deemed dividend portion |  |  | 342 |  |  |  | 209 |  |  |  | 224 |
Management fee – non-deductible deemed dividend |  |  | 611 |  |  |  | 570 |  |  |  | 652 |
Management fee – withholding tax - current year |  |  | 148 |  |  |  | 123 |  |  |  | 129 |
Withholding tax on intercompany dividends |  |  | - |  |  |  | 245 |  |  |  | 128 |
Non-deductible expenditure |  |  |  |  |  |  |  |  |  |  |  |
- Royalty expenses (4) |  |  | - |  |  |  | - |  |  |  | 933 |
- Donations |  |  | 311 |  |  |  | 107 |  |  |  | 18 |
- Other non-deductible expenditure |  |  | (170 | ) |  |  | 177 |  |  |  | 21 |
Credit export incentive income exemption |  |  | - |  |  |  | (598 | ) |  |  | (124 | )
Change in income tax rate (5) |  |  | - |  |  |  | (287 | ) |  |  | - |
Change in tax estimates |  |  |  |  |  |  |  |  |  |  |  |
- Zimbabwean income tax |  |  | (166 | ) |  |  | - |  |  |  | 29 |
- South African income tax |  |  | (2 | ) |  |  | (54 | ) |  |  | 63 |
Change in unrecognised deferred tax losses |  |  | 1,346 |  |  |  | 272 |  |  |  | 511 |
Tax expense - recognised in profit or loss |  |  | 14,857 |  |  |  | 15,173 |  |  |  | 10,290 |
| (1) | The tax rate in Jersey, Channel Islands is 0% (2020: 0%, 2019: 0%).
| (2) | The effective tax rate of 39.10% (2020: 37.52%) exceeds the statutory tax rates of subsidiaries of the Company, as certain expenditures are incurred by the Company that is not tax-deductible against taxable income in Zimbabwe and South Africa, where the enacted tax rates are 24.72% (2020: 25.75%) and 28.00% respectively. Further, Zimbabwean legislation requires the Blanket income taxation calculation to be performed in RTGS$ whereas the functional currency in which the profit before tax is calculated in these consolidated financial statements is in US Dollar; the requirement is further described in point 3 below.
| (3) | In 2019 ZIMRA issued PN26 that was affected retrospectively from February 22, 2019. The public notice provided clarity on Section 4 (a) of the Finance Act [Chapter 23.04] of Zimbabwe, which requires a company earning taxable income to pay tax in the same or other specified currency in which taxable income and revenue is earned. PN 26 clarifies that the calculation of taxable income be performed in RTGS$ and that the payment of the tax be in the ratio of the currency that the taxable income and revenue is earned. The reconciling 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) | On August 1, 2019 the Zimbabwean Government announced in the mid-term budget speech that mining royalties will be deductible for income tax purposes. The change came into effect on January 1, 2020.
| (5) | On November 26, 2020 the Zimbabwean Government announced in the 2021 National Budget Statement that the income tax rate will be reduced from 25.75% to 24.72% and will take effect in the 2021 fiscal tax year. This resulted in a change in the estimated deferred tax liability.
Recognised deferred tax assets and liabilities
|  | Assets |  |  | Liabilities |  |  | Net |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Property, plant and equipment |  |  | - |  |  |  | - |  |  |  | (9,328 | ) |  |  | (5,380 | ) |  |  | (9,328 | ) |  |  | (5,380 | )
Exploration and evaluation assets |  |  | - |  |  |  | - |  |  |  | (47 | ) |  |  | (29 | ) |  |  | (47 | ) |  |  | (29 | )
Allowance for obsolete stock |  |  | 3 |  |  |  | 13 |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 13 |
Prepayments |  |  | - |  |  |  | - |  |  |  | (10 | ) |  |  | (3 | ) |  |  | (10 | ) |  |  | (3 | )
Unrealised foreign exchange |  |  | 499 |  |  |  | 530 |  |  |  | - |  |  |  | - |  |  |  | 499 |  |  |  | 530 |
Trade and other payables |  |  | 989 |  |  |  | 636 |  |  |  | - |  |  |  | - |  |  |  | 989 |  |  |  | 636 |
Cash-settled share-based payments |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8 |
Provisions |  |  | 54 |  |  |  | 60 |  |  |  | - |  |  |  | - |  |  |  | 54 |  |  |  | 60 |
Other |  |  | - |  |  |  | 18 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18 |
Tax assets/ (liabilities) |  |  | 1,545 |  |  |  | 1,265 |  |  |  | (9,385 | ) |  |  | (5,412 | ) |  |  | *(7,840 | ) |  |  | *(4,147 | )
* | The net deferred tax liability consists of a deferred tax asset of $194 (2020: $87, January 1, 2020: $63) from the South African operation and a net deferred tax liability of $8,034 (2020: $4,234, January 1, 2020: $3,129) 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 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, 2021 |  |  | Recognised in profit or loss |  |  | Foreign exchange movement |  |  | Balance December 31, 2021 |
Property, plant and equipment |  |  | (5,380 | ) |  |  | (6,439 | ) |  |  | 2,491 |  |  |  | (9,328 | )
Exploration and evaluation assets |  |  | (29 | ) |  |  | (31 | ) |  |  | 13 |  |  |  | (47 | )
Allowance for obsolete stock |  |  | 13 |  |  |  | 3 |  |  |  | (13 | ) |  |  | 3 |
Prepayments |  |  | (3 | ) |  |  | (8 | ) |  |  | 1 |  |  |  | (10 | )
Unrealised foreign exchange |  |  | 530 |  |  |  | 344 |  |  |  | (375 | ) |  |  | 499 |
Trade and other payables |  |  | 639 |  |  |  | 235 |  |  |  | 115 |  |  |  | 989 |
Cash-settled share-based payments |  |  | 8 |  |  |  | (8 | ) |  |  | - |  |  |  | - |
Provisions |  |  | 60 |  |  |  | 123 |  |  |  | (129 | ) |  |  | 54 |
Other |  |  | 15 |  |  |  | (15 | ) |  |  | - |  |  |  | - |
Tax (liabilities)/ assets |  |  | (4,147 | ) |  |  | (5,796 | ) |  |  | 2,103 |  |  |  | (7,840 | )
|  | Balance January 1, 2020 |  |  | Recognised in profit or loss |  |  | Foreign exchange movement |  |  | Balance December 31, 2020 |
Property, plant and equipment |  |  | (4,117 | ) |  |  | (7,174 | ) |  |  | 5,911 |  |  |  | (5,380 | )
Exploration and evaluation assets |  |  | (78 | ) |  |  | (21 | ) |  |  | 70 |  |  |  | (29 | )
Allowance for obsolete stock |  |  | 22 |  |  |  | 14 |  |  |  | (23 | ) |  |  | 13 |
Prepayments |  |  | (4 | ) |  |  | - |  |  |  | 1 |  |  |  | (3 | )
Unrealised foreign exchange |  |  | 309 |  |  |  | 742 |  |  |  | (521 | ) |  |  | 530 |
Trade and other payables |  |  | 739 |  |  |  | 674 |  |  |  | (774 | ) |  |  | 639 |
Cash-settled share-based payments |  |  | 5 |  |  |  | 3 |  |  |  | - |  |  |  | 8 |
Provisions |  |  | 58 |  |  |  | 76 |  |  |  | (74 | ) |  |  | 60 |
Other |  |  | - |  |  |  | 15 |  |  |  | - |  |  |  | 15 |
Tax (liabilities)/ assets |  |  | (3,066 | ) |  |  | (5,671 | ) |  |  | 4,590 |  |  |  | (4,147 | )

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