ONLY 10% RECEIVED FROM CORPORATE TAX

ONLY 10% RECEIVED FROM CORPORATE TAX

It has been learnt that the tax collector only receives a meagre 10 percent from the corporate sector, far too short when compared with developed economies where at least 50 percent taxes are collected from companies per annum. This has been identified as the main reason the economy is under-performing. Prime Minister Ambrose Mandvulo
Dlamini made this observation during a recent workshop which was organized by the Ministry of Commerce Trade and Industry at the Happy Valley hotel. Corporate tax is tax collected from private companies and the tax rate in Eswatini is not less than 27.5%. The premier said at a time when government was fighting tooth and nail to revive the economy, it was unfortunate that the private sector was unable to assist in the recovery. Dlamini said it was very important to come up with strategies that would ensure private sector growth in the best possible ways.
The head of government further said the country had great potential for growth, adding that the private sector had a major role to play in expanding the tax base. Dlamini said the private sector needed to provide more jobs and accelerate economic growth by all possible means. When it comes to trading beyond borders, Eswatini has improved
drastically as she is number one in Africa and ranked 32nd in the world. The Premier said the fact that the country was ranked first in Africa in terms of trading was a clearsign that economic recovery was possible. Another thing that is of notable importance is the ease of doing business in Eswatini, where the country is ranked 12th in the
African continent.

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