BY MBONO MDLULI
MBABANE – It looks like income taxes in this country are likely to increase by over E1 billion in the next three years.
This is contained in the Government of the Kingdom of Eswatini April 1, 2024 to March 31, 2027. According to the estimates, the total revenue from income taxes for the year 2024/25 is projected to be E7 939 943 279.
The total revenue from income taxes for the year 2026/27 is projected to be E9 335 487 663, and that means the revenue from income taxes might increase by E1 395 544 384. The income tax for the financial year 2025/26 is projected to be at E8 526 361 098.
The estimates also show that the income taxes have been increasing over the last three years. During the 2021/22 financial year, the income taxes were at E6 187 351 490 and during the following financial year (2022/23), the income taxes were at E6 583 968 573. During the 2023/24 financial year, the estimates show that the country made E7 163 255 188 from income taxes.
According to the estimates, income taxes include company taxes, individual taxes, other income taxes, as well as the graded taxes. Taxes on properties (otherwise known as the transfer duties) are also showing a positive picture, going forward.
The estimates show that the transfer duties might increase by E2 524 355 for the next three years. During the 2024/25 financial year, the transfer duties might be at E43 670 140. During the 2026/27, the transfer duties are projected to have reached E46 194 495. During the 2025/26 financial year, the transfer duties are projected to be at E44 842 811.
