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Sars building in Krugersdorp. (Website)
Sars building in Krugersdorp. (Website)

Johannesburg - Kumba Iron Ore will pay less than half of the tax bill it received from the SA Revenue Service (Sars) last year following audits of its export marketing practices during the commodities boom.

The settlement of R2.5bn significantly overshot the R1.5bn Kumba had set aside as a contingent liability.

It is, however, a fraction of the taxes, penalties and interest payments Sars was pursuing the country’s dominant iron ore producer for.

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