Mittal Steel challenging SARSÂ’ R400m tax bill
Mittal Steel SA is refusing to accept a R400m tax bill after receiving notice from the SARS yesterday challenging its R1.34bn payment to its majority shareholder.
According to Business Day the steel company said it would appeal against the assessment, as it believed the payment was revenue expenditure in nature and hence tax deductible, said Mittal spokesperson Tami Didiza. Mittal Steel made the payment to it major shareholder, the international Mittal group, in terms of a business assistance agreement that saw the global group help the local steel maker achieve savings of R1,98bn. SARS large business GM Edward Kiewetter said that if Mittal Steel disputed the receiverÂ’s view, dispute resolution would be entered into. Full Business Day report