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Note 16 - Tax Expense | 12 Months Ended
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Dec. 31, 2023
Statement Line Items [Line Items] |
Disclosure of income tax [text block] |
16 | Tax expense
|  | 2023 |  |  | 2022 |  |  | 2021 |
Tax recognised in profit or loss |  |  |  |  |  |  |  |  |  |  |  |
Current tax |  |  | 7,642 |  |  |  | 9,932 |  |  |  | 9,051 |
Income tax - current year |  |  | 4,821 |  |  |  | 8,707 |  |  |  | 8,769 |
Income tax - change in tax estimate |  |  | 1,944 |  |  |  | (46 | ) |  |  | (168 | )
Withholding tax - current year |  |  | 867 |  |  |  | 1,271 |  |  |  | 450 |
Acquisition of Bilboes Gold tax liability (note 5) |  |  | 10 |  |  |  | - |  |  |  | - |
Deferred tax expense |  |  | 5,168 |  |  |  | 6,838 |  |  |  | 5,806 |
Origination and reversal of temporary differences |  |  | 5,168 |  |  |  | 6,838 |  |  |  | 5,806 |
Tax expense – recognised in profit or loss |  |  | 12,810 |  |  |  | 16,770 |  |  |  | 14,857 |
Tax recognised in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Income tax - current year |  |  | - |  |  |  | - |  |  |  | - |
Tax expense |  |  | 12,810 |  |  |  | 16,770 |  |  |  | 14,857 |
16 | Tax expense (continued)
Unrecognised deferred tax assets
|  | 2023 |  |  | 2022 |  |  | 2021 |
Bilboes Holdings (Private) Limited* |  | 4,447 |  |  | - |  |  | - |
Caledonia Holdings Zimbabwe (Private) Limited – mining |  | 2,942 |  |  | - |  |  | - |
Caledonia Holdings Zimbabwe (Private) Limited - services |  | 1,805 |  |  | 1,805 |  |  | 1,205 |
Blanket Employee Trust Services (Private) Limited |  | 260 |  |  | 227 |  |  | 130 |
Caledonia Mining Services (Private) Limited |  | - |  |  | 69 |  |  | 5 |
Greenstone Management Services (Pty) Ltd (UK) @ |  | 144 |  |  | 176 |  |  | 139 |
Tax losses carried forward |  | 9,598 |  |  | 2,277 |  |  | 1,479 |
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 Caledonia Holdings Zimbabwe (Private) Limited and Bilboes Holdings (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.
* | Assessed losses of Bilboes of $3,763 was acquired during 2023.
@ | Assessed losses of Greenstone Management Services (Pty) Ltd (UK) are not carried over and reset to zero each year.
Tax paid |  | 2023 |  |  | 2022 |  |  | 2021 |
Net income tax payable at January 1 |  | (1,284 | ) |  | (1,461 | ) |  | (419 | )
Current tax expense |  | (7,642 | ) |  | (9,932 | ) |  | (9,051 | )
Acquisition of Bilboes Gold tax liability (note 5) |  | (10 | ) |  | – |  |  | – |
Foreign currency movement |  | 840 |  |  | 3,243 |  |  | 583 |
Tax paid |  | 9,206 |  |  | 6,866 |  |  | 7,426 |
Net income tax receivable/ (payable) at December 31 |  | 1,110 |  |  | (1,284 | ) |  | (1,461 | )
16 | Tax expense (continued)
Reconciliation of tax rate |  |  |  |  |  |  |  |  |  |  |  |
Profit for the year |  |  | (618 | ) |  |  | 22,866 |  |  |  | 23,142 |
Total tax expense |  |  | 12,810 |  |  |  | 16,770 |  |  |  | 14,857 |
Profit before tax |  |  | 12,192 |  |  |  | 39,636 |  |  |  | 37,999 |
Income tax at Company's domestic tax rate (1) |  |  | - |  |  |  | - |  |  |  | - |
Tax rate differences in foreign jurisdictions (2) |  |  | 5,808 |  |  |  | 12,600 |  |  |  | 11,847 |
Effect of income tax calculated in RTGS$ as required by PN26 (3) |  |  | - |  |  |  | 713 |  |  |  | 590 |
Management fee – withholding tax on deemed dividend portion |  |  | 398 |  |  |  | 247 |  |  |  | 342 |
Management fee – non-deductible deemed dividend |  |  | 675 |  |  |  | 735 |  |  |  | 611 |
Management fee – withholding tax - current year |  |  | 169 |  |  |  | 174 |  |  |  | 148 |
Withholding tax on intercompany dividends |  |  | 300 |  |  |  | 850 |  |  |  | - |
Non-deductible expenditure |  |  |  |  |  |  |  |  |  |  |  |
- Donations |  |  | 318 |  |  |  | 269 |  |  |  | 311 |
- Other non-deductible expenditure |  |  | 37 |  |  |  | 1,613 |  |  |  | 904 |
Unrealised foreign exchange gains |  |  | (642 | ) |  |  | (1,322 | ) |  |  | (614 | )
Change in tax estimates |  |  |  |  |  |  |  |  |  |  |  |
- Zimbabwean income tax |  |  | 1,891 |  |  |  | - |  |  |  | (166 | )
- South African income tax |  |  | 53 |  |  |  | (46 | ) |  |  | (2 | )
Change in unrecognised tax losses |  |  | 3,803 |  |  |  | 937 |  |  |  | 886 |
Tax expense - recognised in profit or loss |  |  | 12,810 |  |  |  | 16,770 |  |  |  | 14,857 |
(1) | The tax rate in Jersey, Channel Islands is 0% (2022: 0%, 2021: 0%).
(2) | The effective tax rate of 105.07% (2022: 42.31%) exceeds the statutory tax rates of subsidiaries of the Company, as certain expenditures are incurred by the Company that are not tax-deductible against taxable income in Zimbabwe and South Africa, where the enacted tax rates are 24.72% (2022: 24.72%) and 27.00% (2022: 28%) respectively.
(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 required 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 reconciled the profit before tax calculated using US Dollars as the functional currency of the Zimbabwean entities to taxable income calculated in RTGS$. PN26 was superseded by Section 37AA of the Income Tax Act [Chapter 23:06] of Zimbabwe, which requires taxpayers to submit separate tax returns where any part of the income from trade or investment is earned in foreign currency. Section 37AA stated that the calculation of taxable income be expressed in foreign currency and RTGS$ and that the payment of the tax payable be made proportionately to reflect the percentage share of income earned in all foreign currencies and the percentage earned in Zimbabwe dollars. The section further provides that the RTGS$ should be converted to US$ using the average auction rate of exchange for the year of assessment, with the same being applicable to US$ amounts that need to be converted to RTGS$.
On November 30,2023, the Zimbabwean Government announced in the 2024 National Budget Statement that the income tax rate will increase from 24.72% to 25.75% with effect from January 1, 2024. This was gazetted into law on December 30, 2023. 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% for the years of assessment ending on and after March 31, 2023. This resulted in a change in the estimated deferred tax asset.
16 | Tax expense (continued)
Recognised deferred tax assets and liabilities
|  | Assets |  |  | Liabilities |  |  | Net |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Property, plant and equipment |  | - |  |  | - |  |  | (6,348 | ) |  | (6,323 | ) |  | (6,348 | ) |  | (6,323 | )
Exploration and evaluation assets |  | - |  |  | - |  |  | (146 | ) |  | (2 | ) |  | (146 | ) |  | (2 | )
Inventories – obsolete stock |  | 65 |  |  | (163 | ) |  | - |  |  | - |  |  | 65 |  |  | (163 | )
Prepayments |  | - |  |  | - |  |  | (9 | ) |  | (5 | ) |  | (9 | ) |  | (5 | )
Unrealised foreign exchange |  | - |  |  | 733 |  |  | - |  |  | - |  |  | - |  |  | 733 |
Trade and other payables |  | 190 |  |  | 814 |  |  | - |  |  | - |  |  | 190 |  |  | 814 |
Provisions |  | 204 |  |  | 25 |  |  | - |  |  | - |  |  | 204 |  |  | 25 |
Other |  | 66 |  |  | - |  |  | - |  |  | - |  |  | 66 |  |  | - |
Tax assets/ (liabilities) |  | 525 |  |  | 1,409 |  |  | (6,503 | ) |  | (6,330 | ) |  | (5,978 | )* |  | (4,921 | )*
* | The net deferred tax liability consists of a deferred tax asset of $153 (2022: $202) from the South African operation and a net deferred tax liability of $6,131 (2022: $5,123) 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, 2023 |  |  | Recognised in profit or loss |  |  | Foreign exchange movement |  |  | Balance December 31, 2023 |
Property, plant and equipment |  | (6,323 | ) |  | (5,737 | ) |  | 5,712 |  |  | (6,348 | )
Exploration and evaluation assets |  | (2 | ) |  | - |  |  | (144 | ) |  | (146 | )
Inventories – obsolete stock |  | (163 | ) |  | 90 |  |  | 138 |  |  | 65 |
Prepayments |  | (5 | ) |  | (5 | ) |  | 1 |  |  | (9 | )
Unrealised foreign exchange |  | 733 |  |  | - |  |  | (733 | ) |  | - |
Trade and other payables |  | 814 |  |  | (111 | ) |  | (513 | ) |  | 190 |
Provisions |  | 25 |  |  | 529 |  |  | (350 | ) |  | 204 |
Other |  | - |  |  | 66 |  |  | - |  |  | 66 |
Tax (liabilities)/ assets |  | (4,921 | ) |  | (5,168 | ) |  | 4,111 |  |  | (5,978 | )
|  | Balance January 1, 2022 |  |  | Recognised in profit or loss |  |  | Foreign exchange movement |  |  | Balance December 31, 2022 |
Property, plant and equipment |  | (9,328 | ) |  | (8,560 | ) |  | 11,565 |  |  | (6,323 | )
Exploration and evaluation assets |  | (47 | ) |  | 10 |  |  | 35 |  |  | (2 | )
Inventories - obsolete stock |  | 3 |  |  | (295 | ) |  | 129 |  |  | (163 | )
Prepayments |  | (10 | ) |  | 4 |  |  | 1 |  |  | (5 | )
Unrealised foreign exchange |  | 499 |  |  | 1,179 |  |  | (945 | ) |  | 733 |
Trade and other payables |  | 989 |  |  | 794 |  |  | (969 | ) |  | 814 |
Provisions |  | 54 |  |  | 30 |  |  | (59 | ) |  | 25 |
Tax (liabilities)/ assets |  | (7,840 | ) |  | (6,838 | ) |  | 9,757 |  |  | (4,921 | )

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