Eswatini | Income Tax Amendment Act 2023 Follow-up on changes Effective 1 July 2024
The Kingdom of Eswatini has introduced several changes through the Income Tax (Amendment) Act 2023.
Key points affecting payroll for the 2024/2025 tax year:
- Increased Tax Deduction for Approved Pension Funds Contributions: The allowable tax deduction for employee contributions to an approved pension fund has been increased from 10% to 15% of an employee’s pensionable salary, as outlined in Section 14(1)(i) of the Income Tax Order (as amended).
- Independent Insurance Brokers now considered employees: Independent insurance brokers (as defined under section 2 of the Insurance Act) are now considered employees of the insurance company for which they provide brokerage services.
- PAYE Payment Requirements: Payments of Pay-As-You-Earn (PAYE) must be accompanied by a return in the prescribed format.
- Late Submission Penalties: A penalty of E200 per day will be imposed for late submission of the return.
- Estimated Assessment of PAYE: If an employer doesn’t deduct or pay the required employees’ tax, the Commissioner may issue an estimated assessment of PAYE, making the employer liable to pay it, with the option to object or appeal.
The amendments will take effect on a date specified by the Minister in a gazette. According to Legal Notice No. 69 of 2024, the effective date is 1 July 2024.
The Income Tax Amendment Act 2023 can be accessed on the official website of the Eswatini Revenue Service:
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