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Taxation in Swaziland
 
 
 

General

Swaziland corporate tax rate is a flat 30%. There is however, a variable rate for mining companies. For companies whose principal business is that of mining, the following tax rates are applied:

• 27% on the first SZL20,000 of taxable income;
• 30% on the balance of taxable income.

Swaziland's income tax system is source-based i.e. income from a source within or deemed to be within Swaziland will be subject to taxation.

The Government of Swaziland has undertaken a review of the tax system and significant changes to the rates and basis of tax have been effected. Professional advice is essential.

Tax holidays are available, subject to approval of the Minister of Finance, for new business in the manufacturing sector, subject to one of two provisos:

• the industry is not already in existence in Swaziland; or
• the enterprise is predominantly export driven.

The tax holiday is granted for five years of assessment commencing from the date of commercial production and taxable income is calculated subject to a formula. However, in line with the new tax regime, it is not expected that any new tax holiday will be granted.

Additional tax concessions may be granted, at the discretion of the Minister of Finance, to new businesses which are considered to be beneficial to the national economy.

There is no tax on capital gains and capital losses do not rank for deduction.

Branch Profits Tax

Branches of foreign companies are subject to tax on Swaziland profits as if they were domestic companies. In addition a branch profits tax of 15% is charged on the deemed repatriated income.

Fringe Benefits Tax

The Commissioner of Tax has determined values for various benefits in kind on which the recipient is taxed. Such valuations cover free and/or subsidised housing, private usage of a company vehicle on company business, provision of domestic services and staff, education, free or subsidised fuel and other benefits. Fringe benefits are taxed in full.


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