Africa-Press – Eswatini. Positive developments were observed in the different government revenue sources in the 2023 third quarter.
The 2023 Quarterly Bulletin from the Ministry of Economic Planning and Development for November shows that income taxes increased by 15 per cent. This is on a year-on-year (y-o-y) basis, in line with growth in company (CIT) and individual (PIT) taxes. It was reported that Value Added Tax (VAT) grew by 16 per cent reflecting improving economic activity in the period.
Following an improved Southern Africa Customs Union (SACU) allocation for Financial Year (FY) 2023/24, quarterly disbursement reflected a 102 per cent increase (y-o-y) in 2023 Q3 compared to the same period in 2022.
Total government expenditure increased by 10.6 per cent, on a y-o-y basis, in the period ending September 2023. The increase reflected higher spending on goods and services (60 per cent), transfers (21.9 per cent) and compensation of employees (two per cent).
Increase in ‘goods and services’ were driven by national events (i.e., national elections), conducted in FY2023/24.
The growth in ‘transfers’ was driven by adjustments relating to budget shortfall. Increase in ‘compensation of employees’ expenditure was driven by the awarding of civil servants’ Cost-of-Living Adjustment (CoLA of 4 per cent) implemented in the quarter under review. Capital expenditure was recorded at 80 per cent below the FY2022/23 expenditures, in 2023 Q3 reflecting slower implementation in the period relative to the same period in the previous financial year.
For More News And Analysis About Eswatini Follow Africa-Press
