Coronation’s profits slump 97% as Sars tax case bites
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GUEST – Bernard Mofokeng, Director & Head of Tax at CMS South Africa
Listed asset management firm Coronation Fund Managers suffered a 97% plunge in its headline profits as a costly tax case relating to its Irish operations ate into its earnings. The company reported its half-year financial results on Tuesday and said headline earnings per share fell to 6.2 cents for the period ended 31 March 2023, down from 199.1 cents during the comparative interim period. In February, the Supreme Court of Appeal (SCA) ordered Coronation to pay the South African Revenue Service (Sars) additional taxes linked to its Irish operations
Listed asset management firm Coronation Fund Managers suffered a 97% plunge in its headline profits as a costly tax case relating to its Irish operations ate into its earnings. The company reported its half-year financial results on Tuesday and said headline earnings per share fell to 6.2 cents for the period ended 31 March 2023, down from 199.1 cents during the comparative interim period. In February, the Supreme Court of Appeal (SCA) ordered Coronation to pay the South African Revenue Service (Sars) additional taxes linked to its Irish operations
