RANDGOLD RESOURCES LTD | CIK:0001175580 | 3

  • Filed: 3/29/2018
  • Entity registrant name: RANDGOLD RESOURCES LTD (CIK: 0001175580)
  • Generator: DataTracks
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1175580/000114420418017952/0001144204-18-017952-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1175580/000114420418017952/gold-20171231.xml
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    • ifrs-full:DisclosureOfIncomeTaxExplanatory

    4.
    Income taxes
     
    $000
     
    Note
     
    Dec 31, 2017
     
    Dec 31, 2016
     
    Dec 31, 2015
     
    Current taxation
     
     
     
     
    135,412
     
     
    101,546
     
     
    41,972
     
    Deferred taxation
     
    11
     
     
    10,395
     
     
    6,838
     
     
    6,031
     
     
     
     
     
     
    145,807
     
     
    108,384
     
     
    48,003
     
    The tax on the group’s profit before tax differs from the theoretical amount that would arise using the statutory tax rate applicable to the group’s operations.
     
     
     
     
     
     
     
     
     
     
     
     
    Profit before tax
     
     
     
     
    480,854
     
     
    402,605
     
     
    260,778
     
    Tax calculated at effective tax rate of 30%
     
     
     
     
    144,256
     
     
    120,782
     
     
    78,233
     
    Difference in tax rates in overseas jurisdictions
     
     
     
     
    (4,771)
     
     
    (3,513)
     
     
    -
     
    Reconciling items:
     
     
     
     
     
     
     
     
     
     
     
     
    • Income taxed at 0%
     
     
     
     
    (17,499)
     
     
    (17,002)
     
     
    (8,483)
     
    • Expenses deductible at 0%
     
     
     
     
    12,864
     
     
    10,947
     
     
    7,528
     
    Withholding tax adjustment on Tongon dividend
     
     
     
     
    10,908
     
     
    2,272
     
     
    -
     
    Côte d’Ivoire tax holiday permanent differences
     
     
     
     
    -
     
     
    -
     
     
    (7,868)
     
    Share of equity accounted joint venture profits
     
     
     
     
    (3,585)
     
     
    (5,190)
     
     
    (23,191)
     
    Other permanent differences
     
     
     
     
    3,634
     
     
    88
     
     
    1,784
     
    Taxation charge
     
     
     
     
    145,807
     
     
    108,384
     
     
    48,003
     
     
    The company is subject to an income tax rate in Jersey at 0%. Tongon benefited from a five year tax holiday in Côte d’Ivoire from the commencement of production in December 2010 until the tax exoneration period expired in December 2015 and as such Tongon paid tax for 2016 at a rate of 25%. The benefit of the tax holiday to the group was to increase its net profit by nil (2016: nil) (2015: $7.9 million). Accordingly, had the group not benefited from the tax holiday, earnings per share would have been reduced by $0 for the year ended December 31, 2017 (2016: nil) (2015: $0.09). Under Malian tax law, income tax is based on the greater of 30% of taxable income or 0.75% of gross revenue. Under Ivorian tax law, income tax is based on the greater of 25% of taxable income or 0.5% of gross revenue. The Loulo, Gounkoto and Tongon operations have no assessable capital expenditure carry forwards for assessable tax losses, at December 31, 2017, 2016 and 2015, respectively, for deduction against future mining income. The group’s share of profits from equity accounted joint ventures is stated net of $23.1 million credits (2016: $9.7 million credits) (2015: $11.0 million charges) for current and deferred tax entries, primarily in respect of Morila and Kibali.