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LONDON - Bisichi PLC, a subsidiary of London & Associated Properties PLC (LAP), has reported total payments of £1.57 million to the South African government for the year ended December 31, 2024, according to a press release statement issued Thursday.
The payments, disclosed in compliance with the UK Reports on Payments to Governments Regulation, consisted of £1.41 million in taxes and £154,424 in royalties related to the company’s extractive activities in South Africa.
The report details that Sisonke Coal Processing (Pty) Ltd, one of Bisichi’s entities, paid £1.41 million in taxes for its coal processing operations, while Black Wattle Colliery (Pty) Ltd paid £154,424 in royalties for its coal mining activities.
LAP owns 41.6% of Bisichi’s issued ordinary share capital, making Bisichi a subsidiary under International Financial Reporting Standards.
The company stated that all payments were made in cash, with no in-kind contributions reported. The report excluded payments below the materiality threshold of £86,000, as permitted by UK regulations.
Payments were originally made in South African Rand and converted to British Pounds using the annual average exchange rate for the reporting period.
The disclosure covers taxes on income and profits but excludes value added tax, personal income taxes, social taxes, and property taxes. The report also notes that no payments were made for fees or infrastructure improvements during the reporting period.
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