MBABANE:King Mswati’s Government has,through the Income Tax Order Amended Act,ordered banks, Stokvels, Savings and Cooperatives to collect tax from savings.
This was disclosed by Eswatini Revenue Service(ERS)Customer Service Manager Philemon Shabangu when speaking to the State owned Eswatini TV on Monday.
“Under the new law,savings will now be taxed.I would make an example, if you had R100,000.00 in the bank and entitled to 10% interest and that is R10,000.00, the bank will no longer give you the whole R10,000.00 but they will now pay you R9000.00,” said the Customer Service Manager.
The introduction of the law that seeks to collect more money from the public amid corruption in the public administration,comes at the time when the country is facing shortage of drugs and a collapsed education system.
The Eswatini Revenue Service(ERS) is under the Ministry of Finance and Neal Rijikernberg is the Minister of Finance.
Finance Minister Neal Rijikernberg during the ERS clients Awards.