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Note 16 - Tax Expense - Reconciliation of Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement Line Items [Line Items]      
Profit for the year $ 22,866 $ 23,142 $ 25,257
Total tax expense 16,770 14,857 15,173
Profit before tax 39,636 37,999 40,430
Income tax at Company's domestic tax rate (1) [1] 0 0 0
Tax rate blended in foreign jurisdictions (2) [2] 12,600 11,847 12,405
Effect of income tax calculated in RTGS$ as required by PN26 (3) [3] 713 590 2,004
Management fee – withholding tax on deemed dividend portion 247 342 209
Management fee – non-deductible deemed dividend 735 611 570
Management fee – withholding tax - current year 174 148 123
Withholding tax on intercompany dividends 850 0 245
- CSR donations 269 311 107
- Other non-deductible expenditure 656 30 57
- IMTT (4) [4] 398 (200) 120
Credit export incentive income exemption 0 0 (598)
Change in income tax rate (5) [5] (8) 0 (287)
Change in unrecognised deferred tax losses 174 1,346 272
Zimbabwe Area [member]      
Statement Line Items [Line Items]      
Change in tax estimates 0 (166) 0
SOUTH AFRICA      
Statement Line Items [Line Items]      
Change in tax estimates $ (38) $ (2) $ (54)
[1] The tax rate in Jersey, Channel Islands is 0% (2021: 0%, 2020: 0%).
[2] The effective tax rate of 35.36% (2021: 39.10%) 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% (2021: 24.72%, 2020: 25.75%) and 28.00% (2021: 28.00%, 2020: 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] The presidential announcement made on May 7, 2022 to increase the IMTT charges on all domestic foreign currency transfers from 2% to 4%.
[5] The South African Government announced in the 2021 National Budget Statement that the income tax rate will be reduced from 28.00% to 27.00% and will take effect for the years of assessment ending on March 31, 2023. This resulted in a change in estimate on the deferred tax asset calculation.