Swaziland legal and accounting and tax considerations in 2024

1. The standard corporate income tax in The Kingdom of Swaziland is 30%. SMEs may benefit from reduced corporate tax of 10%, if they are considered a development enterprise and issued with a development approval order by the Ministry of Finance;
2. Swazi companies are not subject to capital gains tax;
3. The Value Added Tax (VAT) is levied at a standard rate of 14%. VAT payments are to be made monthly;
4. A progressive Stamp Duty of 1% – 6% is imposed on a number of documents including i) bonds ii) leases iii) contracts iv) debenture v) insurance policies and vi) shares;
5. The Kingdom of Swaziland has signed double tax treaties with countries namely South Africa, and United Kingdom;
6. Swaziland resident companies are subject to a withholding tax generally charged at 15% on dividends. Non-resident companies however, are subject to a reduced rate at 12.5%;
7. Other taxes in Swaziland include the property tax that is charged at 5.38% on land value and 0.63% on the building value;
8. Just like local companies, branches of foreign companies incorporate in Swaziland are liable to a corporate tax of 27.5%. Additionally a 15% tax is charged on their repatriated income;
9. Employers and employees alike are required by law to donate a monthly social security contribution of US$6 to the Swaziland National Provident Fund;
10. Swaziland companies, particularly those engaged in manufacturing and exportation of goods outside the SACU area are i) subject to a reduced corporate tax rate at 10% and ii) a withholding tax holiday for the first 10 year period after incorporation;
11. The Swazi fiscal year runs from the 1^st of July to 30^th June with tax returns due within 30 days after the Commissioner of Tax issues a notice;
12. To pursue Swaziland business setup, Healy Consultants team of professionals will assist our Clients with i) documenting and implementing accounting and tax procedures ii) implementing financial accounting software iii) preparation of financial accounting reports iv) preparing forecasts, budgets, and sensitivity analysis;
13. It is important our Clients’ are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfill those obligations annually. Let us know if you need Healy Consultants’ help to clarify your annual reporting obligations.