Vodacom CEO Shameel Joosub paid R24.75 million in tax to the South African Revenue Service (SARS) on his R55 million salary over the last financial year.
This was revealed in Vodacom’s integrated report for the year ended 31 March 2021.
The report showed that Joosub earned a basic salary of R12.57 million, with short-term incentives of R17.68 million.
The short-term incentives relate to a bonus payable in June 2021, which was derived from the company’s performance for the year ended 31 March 2021.
Joosub also received long-term incentives of R16.99 million. It includes awards made in June 2018 will vest in June 2021.
The Vodacom CEO’s “single total figure of remuneration” was R55.008 million, while his total post-tax pay was R30.255 million.
The post-tax value used a 45% rate of taxation rate, which was applied to the gross amount, Vodacom explained.
Joosub’s 2021 salary was much higher than the previous year, where he took home an after-tax amount of R23.896 million.
The table below provides an overview of Joosub’s remuneration, and how much tax he paid, over the last two years.
Vodacom CFO Raisibe Morathi, who started to work from Vodacom on 1 November 2020, was handsomely rewarded for her first five months at the company.
She received a basic salary of R3.75 million between November 2020 and March 2021, equating to R750,000 per month.
Morathi also received a cash sign-on payment of R6 million and a short-term incentive of R3.895 million.
She received a total pre-tax remuneration of R14.007 million and a total post-tax payment of R7.704 million.
Morathi’s total tax bill, calculated at 45% of her gross salary, was therefore R6.303 million.
The table below provides an overview of Vodacom CFO Raisibe Morathi’s single total figure of remuneration.