By Thokozani Mazibuko
According to a report released by Auditor General Timothy Matsebula, the Kingdom of Eswatini experienced a significant boost in government revenue during the fiscal year 2023/2024.
The report, presented to the Speaker of the House of Assembly, highlights impressive growth in both Southern African Customs Union (SACU) receipts and domestic tax collections.
The most striking development is the dramatic increase in SACU receipts, which saw a remarkable 102% surge.
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This jump translates to E11,750,494,297.00 received through SACU, a substantial increase from the previous fiscal year.
The report also reveals positive trends in domestic tax revenue. Collections experienced a solid 10% improvement, reaching a total of E15,609,738,932.79 for the 2023/2024 fiscal year.
This indicates a strengthening of the domestic economy and increased compliance in tax payments.
While the Auditor General’s report provides detailed financial data, it does not offer specific explanations for the surges in both revenue streams.
However, the impressive figures likely reflect a combination of factors, potentially including increased trade activity within the SACU region, economic recovery, and effective tax administration.
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The significant improvements in government revenue offer a positive outlook for Eswatini’s financial stability and pave the way for potential investments in public services and infrastructure development.
Further analysis and commentary from economists and government officials are anticipated to shed more light on the underlying causes and long-term implications of these encouraging financial figures.
The full report is expected to be available for public review shortly.
