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Rates and Thresholds


The rates of Income Tax applicable are as follows:

RATES OF NORMAL TAX FOR INDIVIDUALS

Taxable Income Exceeds

But does not exceed

Rates

E0

E100 000

0           + 20% of the excess of E0

E100 000

E150 000

E20 000 + 25% of the excess of E100 000  

E150 000

E200 000

E32 500 + 30% of the excess of E150 000

E200 000

 

E47 500 + 33% of the excess of E200 000

When applying the above rates the following should be taken into account:

  1. Tax payable by a natural person will be reduced by a tax rebate amount not exceeding E8 200 per tax year
  2. The rates are applicable on the amount exceeding E41 000
  3. The tax rebate does not apply in the case of redundant or retiring individuals.

CONCESSIONARY RATES OF NORMAL TAX IN THE CASE OF REDUNDANT OR RETIRING INDIVIDUALS

Taxable Income Exceeds

But does not exceed

Rates

E0

E200 000

E0         + 25% of the excess of E0

E200 000

E300 000

E50 000 + 30% of the excess of E200 000

E300 000

 

E80 500 + 33% of the excess of E300 000

 

Tax rebate in respect of individuals over the age of sixty (60) years is E2 700 in excess of the normal rebate, i.e., E10 900.

BENEFITS

Click here for information on the taxation of benefits.

TAX RATE FOR COMPANIES

The effective tax rate for companies (since the 1st July 2013) is 27.5% of taxable income. 

WITHHOLDING TAX

Payments to non-residents

 

 

Interest

10%

due 14 days after the date of accrual

Dividends for companies in Botswana, Lesotho, Namibia and South Africa

12.5%

30 days after the date on which the dividend is payable

Dividends - for other countries

15%

30 days after the date on which the dividend is payable

Sportsmen and entertainers

15%

within 15 days from the date of payment

Contractors

15%

within 15 days from the date of payment

Royalty and management fees

15%

within 15 days from the date of payment

Repatriated branch profits to neighboring countries (Botswana, Lesotho, Mozambique, Namibia and South Africa

12.5%

Not stipulated

Repatriated branch profits to other countries

15%

Not stipulated

Payments to persons

15%

within 15 days from the date of payment

 

NB: The above stated Rates are influenced by Double Tax Agreement applicable.

 

Payments to residents

 

Interest

10%

Within 15 days from the end of the month in which interest was paid

Rental

10%

within 15 days from the date of payment

Dividends

10%

within 15 days from the date of payment

Trusts

33%

within 15 days from the date of payment

 

GRADED TAX

There are two rates:

  1. The rate for all Swazi adults in receipt of income is E18/annum and is payable via the PAYE remittance system.
  2. The rate for an adult male person not in receipt of income is E4.20/annum.

Female adults not in receipt of an income are not obliged to pay Graded Tax.

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