Business forum to discuss tax regime of Eswatini
EMAFINI – Tax has a huge impact on businesses, its increase, reduces money demand by contracting disposable income and by also discouraging businesses to hire and invest more.
In a statement by Business Eswatini Chief Executive Officer (CEO) Nathi Dlamini, it was announced that they would host a ‘first-of-its kind’ Tax Indaba on July 27, 2022 at the Royal Villas in Ezulwini.
The CEO said the event had attracted a lot of individuals and businesses that desire to participate in the forum, therefore it was advisable to book your seats early.
“Due to the appetite for the event they envisage that the prospects of the event being oversubscribed is real, hence the need for delegates to book their seats early so as to secure a seat,” he said.
Dlamini availed that the forum will discuss the tax regime of Eswatini and how it impacts both small and big businesses in the country.
He said the forum would also avail a platform for the business community to engage on a number of contemporary issues of tax, including introduction of presumptive tax for small businesses, the increase of Pay As You Earn (PAYE) from 33 per cent to 36 per cent for middle to high income earners, capital gains tax, tax on worldwide income, tax on long-term contracts and a host of other issues.
Community
“This Indaba will educate and sensitise the business community on developments in the tax administration landscape and to raise the business community’s awareness and knowledge on prevailing tax issues.”
“The Eswatini Revenue Service, Ministry of Finance and the Revenue Appeals Tribunal Eswatini will also be involved in order for them to pick up the issues first-hand and respond to questions from participants, he said.
The executive added that the response from the business community has been resounding, which clearly indicated the appetite the market had for tax matters. He said some businesses had even opted to close shop due to tax issues.
“The tabloids have, in recent times, featured stories about companies with huge tax bills most of which threaten the existence of those businesses,” he outlined.
Dlamini confirmed that there were many of Business Eswatini members, who had approached the office to register their pains around the subject of tax. He said the resultant establishment of the Revenue Appeals Tribunal is also as a result of the protracted disputes and will hopefully resolve these disputes leading to a healthy tax climate in order for businesses to ably and happily pay their taxes.
Participants
“This is very important for investment retention and attraction; hence the event has drawn interest from participants even beyond the borders of Eswatini.”
“Mr. Paul Friedlander who resides in the USA was also quoted saying that ‘conducive markets will always attract local and foreign direct investments projects that create quality jobs’. The tax regime is a critical component of the attractiveness of an investment destination. Eswatini is well-positioned to exploit this opportunity,” he added.