16/07/2024
📢 Important Tax Changes Notification 📢
Dear Valued Clients,
We are excited to inform you about significant amendments to the Income Tax Order 21 of 1975, introduced by the Eswatini Revenue Service (ERS), effective from July 1, 2024. These changes are essential for both companies and small businesses, and we at PSSN Consultancy are here to guide you through them.
Key Changes:
1. Decrease in Company Tax:
• Previous Rate: 27.5%
• New Rate: 25%
• Who is Impacted: All companies with an annual turnover exceeding E500,000.00
2. Introduction of Presumptive Tax:
• Applies To: Small businesses with a turnover below E500,000, excluding those providing professional services or receiving investment income.
• Requirements:
o Retain basic records (simple notebook or cashbook, fixed asset register, register of daily sales, and spreadsheet for daily payments).
o File estimates of turnover with a statement of the actual turnover for the previous year.
• Tax Rates:
o 0% for gross turnover up to E50,000.
o 1.75% for gross turnover between E50,000 and E500,000.
• Consequences:
o The tax charged is final on the business income.
o No deductions for expenditure or losses incurred in producing the business income.
o No tax credit can be used to reduce the tax payable on the business income, except as specified in the Sixth Schedule of the Act.
3. PAYE Return:
• Previous Requirement: No obligation to file a PAYE return.
• New Requirement: Payment of PAYE must be accompanied by a return.
• Penalties: E200 for each day the return is not submitted.
There are many other tax amendments made. For detailed information and personalized advice on how these changes will affect you, please contact us at +268 7669 0026 / 79535657.
Stay informed with AccuFirm Solutions !
