27
Year Production tonnes Tax Payment Environmental Rehabilitation Provisions 2009 2378
$ 14 471 449.00
$ 4 569 124.00 2010 0
$ 99 348.00
$ 6 524 536.00 2011 0
$ 99 348.00
$ 12 303 228.00 2012 0
$ -
$ 12 649 381.00 2013 0
$ -
$ 12 649 381.00 2014 7027
$ 7 385 487.00
$ 11 963 226.00 2015 7352
$ 553 836.00
$ 11 798 830.00 2016 6613
$ 582 543.00
$ 11 905 946.00 2017 6760
$ 806 647.00
$ 10 112 590.00 2018 6620
$ 2 044 350.00
$ 11 626 107.00
Source: africanfinancials.com table 1.10 The calculated correlation coefficient between the average annual nickel price and the amount of tax paid by BNC has a slightly positive coefficient at (+0.0658758). This seems to indicate that when the selling price on Nickel is high BNC tends to have more capacity to pay tax. As seen during the period under review 2017 to 2018, tax paid by BNC significantly increased from USD800K to USD2 Million. The period 2010 to 2013 also saw high payments in the form of Environmental Rehabilitations instead of tax remittance. This was also coupled by Net loss profit positions hence a lower amount of tax paid. It appears BNC has substituted the tax obligation to its CSR. Tax and CSR should not be interchangeable but instead should be complimentary. BNC appears to have differed USD$910k in tax for 2018 financials despite making a healthy profit when compared to 2017.
How part of the Environmental rehabilitation provision were partitioned in relation to CSR.BNC has apparently stopped reporting on its Social Corporate responsibility chapter as from 2015 onwards. The authors could only come across information that dates back pre 2015.
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