Kumba warns of potential additional R1bn tax claim

The share price of JSE-listed Kumba Iron Ore fell by more than 5% on Tuesday morning after the company announced that it may face an additional R1-billion tax liability for the 2011 tax year. It noted that its Sishen Iron Ore Company (SIOC) subsidiary had cooperated fully with the South African Revenue Service (Sars) during the course of the audit, but disagreed with the audit findings.