BY MBONO MDLULI
MBABANE – Eswatini Revenue Service (ERS) has launched an Income Tax Order amendment, effective from July 1, 2024.
The launch took place today (Wednesday, May 23, 2024) at the ERS Auditorium in Ezulwini, where key stakeholders from the business community had gathered. According to information from ERS social media platforms, the intention of the amendment is to improve the tax administration and business environment of the country.
“Today, key stakeholders from the business community gathered at the ERS Auditorium in Ezulwini, for the launch of the Income Tax Order Amendments, which will come into effect on July 1, 2024. These changes aim to improve effectiveness in revenue administration while simultaneously providing relief to businesses,” stated ERS.
Meanwhile, ERS unpacked how the new presumptive tax regime that seeks to simplify compliance for small and medium enterprises (SMEs) and how the reduction of the corporate income tax rate of 27.5 percent to 25 percent is expected to stimulate new investment, encourage the growth of existing investments, create more jobs and contribute to the growth of our economy.
According to ERS Commissioner General Brightwell Nkambule, the presumptive tax was needed to help SMEs to comply with tax regulations. “We will be introducing the Presumptive Tax Regime which is intended to ease cost of compliance for smaller taxpayers. The Presumptive Tax rates are as follows: zero percent rate is applicable for taxpayers with turnover up to E50 000 and a 1.75 percent rate is applicable for businesses with a turnover from E50 000 to E500 000,” Nkambule said.
