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Article: Distell to challenge R29m tax bill; New assessment of R67m in earnings subject to income tax and VAT.(News)
- Article from:
- Cape Argus (South Africa)
- Article date:
- August 27, 2009
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BYLINE: GERSHWIN WANNEBURG
WINE and spirits group Distell plans to challenge the taxman's decision to slap it with a R29.5 million tax bill.
The news coincides with a drop in sales of some of its well-known spirits brands and lingering economic uncertainties.
Those uncertainties may include the rand exchange rate, which cost the company losses of R46.6m compared to a gain of R57.3m last year.
Distell said yesterday that the SA Revenue Service had issued it with new tax assessments, stemming from R67m in income, which has been subjected to income tax and VAT.
The revised tax relates to income derived from the cession of its ...