R1 billion tax bill puts damper on Omnia turnaround – but CEO still hopeful

The original article can be found here.

Article highlights:

  • Over two years, Omnia reduced its debt from R7-billion to R1.9-billion on 31 March 2020;
  • By the end of March, Omnia had a R1.3 billion net cash pile, and has distributed more than R1 billion to shareholders;
  • But the good news was dampened by the company’s revelation that the South African Revenue Service (SARS) had conducted an audit on it with regards to transfer pricing from 2014 to 2016 and Omnia has found itself facing a R1 billion tax bill;
  • In an interview, Gobalsamy said Omnia will dispute the amount.