By: Ollus Ndomu
Swazi businesses are running on losses as Eswatini Revenue Authority(SRA) continues to grab their monies and freeze even bank accounts despite the prevailing financial challenges induced by the COVID-19 pandemic.
Federation of Eswatini Business Community -FESBC- chairman, Johannes Manikela confirmed that most Swazi-owned businesses are struggling because SRA through endless penalties, is grabbing almost every cent realized.
“The way SRA treats us, it’s even demotivating to own a business that is registered with them under the Value Added Tax(VAT) because once you register, your business will collapse. This then promotes a culture where SMEs will always struggle and survive through selling vegetables only on the streets not businesses that will create jobs and eradicate poverty”, he said.
According to businessmen, many bank accounts belonging to Swazi owned companies were frozen by SRA, with allegations of King Mswati targeting to push some local companies out of business:
“Please do your research, you will find out that many bank accounts for Swazi owned companies were frozen, the environment is no longer conducive for business here”, a businessman whistleblower who spoke under anonymity conditions.
Meanwhile, Dumisani Masilela, the SRA Commissioner General told the local Swaziland News that most companies collected the VAT and then kept it for themselves without remitting same to the revenue authority:
“Most businesses collect the VAT and then failed to remit it, that is when they find themselves in trouble with us. VAT is actually paid by the final consumer of the goods, which is you and I. The businesses collect this money and decide not to remit it to the ERS”, said the Commissioner General.
