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Sanlam - Settlement with South African Revenue Services

Release Date: 31/03/2006 16:40
Code(s): SLM
Wrap Text

Sanlam - Settlement with South African Revenue Services Registered name: Sanlam Limited (Registration number 1959/001562/06) JSE share code: SLM NSX share code: SLA ISIN number: ZAE000070660 Sanlam: Settlement with South African Revenue Services Shareholders are referred to the note on Commitments and contingencies in the 2005 and previous Sanlam Annual Financial Statements. The South African Revenue Services (`SARS") had issued revised income tax assessments in respect of the 1997, 1998 and 1999 tax years of a subsidiary of Genbel Securities Limited (`Gensec"). In terms of the assessments surpluses arising from the disposal of certain assets were subjected to normal income tax as SARS contended that such surpluses were not of a capital nature. Gensec contested these assessments. A full and final settlement has now been reached on the above matter. The amount payable in terms of the settlement will be covered by an existing accounting provision. Bellville 31 March 2006 Sponsor JPMorgan Equities Limited Date: 31/03/2006 04:40:15 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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