Swazi Observer

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OVER E940 MILLION TAXES COLLECTED IN SECOND QUARTER

By Qondile Ntiwane | 2019-10-17

THE total income taxes for the quarter under review amounted to E941.2million, reflecting a 26 per cent decrease compared to the same quarter of the past financial year.

Information sourced from the ministry of finance second quarter performance report, the Year to Date (YTD) collection amounted to E2.55 billion, which is 44 per cent of the annual budget.

This reflects a 15 per cent increase when compared to the YTD collection of the last financial year.

The report highlights that only companies exceeded performance when compared to the last financial YTD collection with a seven per cent increase.

The report further mentioned that income taxes that underperformed when compared to last year were individual Pay As You Earn (PAYE), other income taxes and graded taxes, reflecting a decrease of two, one and 27 per cent, respectively.

Meanwhile, Taxes on Goods and Services amounted to E2.78 billion, reflecting a 10 per cent increase when compared to the same quarter of the last financial year.

These taxes include Value Added Tax (VAT), Customs Union receipts (SACU), Lotteries and Gaming, Motor Vehicle Levy, Road Toll, Licences and Other taxes and Fuel Taxes.

“VAT for the quarter amounted to E880.06 million, which is 55 per cent of the annual budget reflecting a 14 per cent increase compared to the same quarter last financial year.

SACU receipts amounted to E1.58 billion reflecting an eight percent increase when compared to the second quarter of last year. The YTD collection amounted to E3.16 billion, reflecting a 50 percent collection of the annual budget and eight percent increase when compared to the YTD collection of last year, ” reads part of the report.

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