SASOL OIL (PTY) LTD – Tax Litigation Update
Sasol Limited
(Incorporated in the Republic of South Africa)
Registration number 1979/003231/06
Sasol Ordinary Share codes: JSE: SOL NYSE: SSL
Sasol Ordinary ISIN codes: ZAE000006896 US8038663006
Sasol BEE Ordinary Share code: JSE: SOLBE1
Sasol BEE Ordinary ISIN code: ZAE000151817
("Sasol" or "the Company")
SASOL OIL (PTY) LTD – TAX LITIGATION UPDATE
As previously reported, the South African Revenue Service (“SARS”) issued revised
assessments for Sasol Oil (Pty) Ltd (“Sasol Oil”) relating to a dispute around its
international crude oil procurement activities for the 2005 to 2014 tax years. The litigation
in the Tax Court, relating to the international crude oil procurement activities for the 2005
to 2007 years of assessment, was concluded and judgement was delivered in favour of
SARS on 30 June 2017. Sasol Oil made a provision in its 2018 annual financial
statements of R1.3 billion, including penalties and interest, which covers the 2005 to 2014
tax years relating to the tax assessment ground to which this litigation is related.
Sasol Oil filed an appeal against the judgment by the Tax Court with the Supreme Court
of Appeal. Today the Supreme Court of Appeal decided to uphold the appeal and to set
aside the ruling by the Tax Court. The Court effectively confirmed Sasol Oil’s view that
the ground for additional taxation of Sasol Oil’s international crude oil procurement
activities has not been fulfilled.
On the basis of this judgement, Sasol Oil will reverse the accrual of R1.3 billion.
9 November 2018
Sandton
Sponsor: Deutsche Securities (SA) Proprietary Limited
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