Swaziland: SACU still brings in the money

04 March 2010, The Swazi Observer
URL: http://www.observer.org.sz/index.php?news=11564

Mbabane:  The Southern African Customs Union (SACU) receipts continue to be government’s main source of revenue and about 58% of revenue was derived from the pool. E3.8 billion has been received from the pool which already takes into account the earlier reported decline of E437 million.

SACU receipts are already less the E109 million, SD will forego every quarter to cater for the shortfall of E437m. The over collection of E400 000 from the SACU receipts is due to interest that accrues to government as a result of delays in transferring the funds from SACU.

Sales Tax collected for the period amounted to E637 million and the collection shows an 88 % of the budget and this promises that the overall budget is likely to be met due to the fact that the average collection at Ngwenya Border Post alone is E6 million per month.

Actual outturn for lotteries and gaming amounted to E5 million against the estimated E15 million because the financial year for the companies which remit this levy ends in December.  The department is, therefore, waiting for audited financial statements to determine the gaming income which will translate to the tax amount due.

E26 million was collected from licenses and other taxes and E16 million from road toll. Goods and services contributed to 52 % of the total revenue collected.

The final payment of E17 million of the ACP EU sugar protocol has been received.