{"id":33298,"date":"2023-09-08T17:12:46","date_gmt":"2023-09-08T17:12:46","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/?p=33298"},"modified":"2023-09-08T14:21:00","modified_gmt":"2023-09-08T14:21:00","slug":"government-launches-simplified-vat-mechanism","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/government-launches-simplified-vat-mechanism","title":{"rendered":"GOVERNMENT LAUNCHES SIMPLIFIED VAT MECHANISM"},"content":{"rendered":"

Africa-Press – Eswatini. <\/strong><\/span>Government suppliers will now have an easier job paying their Value Added Tax (VAT).<\/b><\/p>\n

This follows the launch of a Simplified Value Added Tax Mechanisms for Government suppliers. The new system, which was announced in a statement by Principal Secretary in the Ministry of Finance, Sizakele Dlamini and Eswatini Revenue Services (ERS) General Commissioner Brightwell Nkambule, will come into effect on September 11.<\/p>\n

The Simplified Value Added Tax System is designed to reduce administrative costs and make VAT compliance much more guaranteed.<\/p>\n

\u201cThis initiative is designed to protect Government contracted suppliers from incurring undue tax liabilities and interest whilst enhancing compliance with the country\u2019s tax laws,\u201d reads the statement.<\/p>\n

\u201cThe Government contracted suppliers will charge VAT at the Standard rate (currently 15 per cent) and reflect this in the invoice to government as per expectation from any VAT registered supplier. Treasury Department (Office of Accountant General shall withhold the 15% VAT from all invoices during disbursement of payments to all Government contracted suppliers and remit same to the ERS on behalf of the supplier,\u201d further detailed the statement on the new system.<\/p>\n

\u201cThe government suppliers will still be expected to submit their VAT Return to the ERS as per the defined regular intervals (quarterly, monthly, or annually). The amount of VAT withheld by the Government will be created in the VAT account of the government suppliers by the ERS to offset the liability that will be generated by the VAT return,\u201d further detailed the statement.<\/p>\n

To further capacitate Government suppliers on using the new system, the ERS has published a Practice Note on their website \u2013 Practice Note No. LEG \u2013 VAT\/001\/2023-Simplified VAT Mechanism for Government Suppliers System.<\/p>\n

The ERS will also host a workshop for all businesses contracted by Government to train them on the new mechanism in a September date to be announced.<\/p>\n

For More News And Analysis About Eswatini<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eswatini. Government suppliers will now have an easier job paying their Value Added Tax (VAT). This follows the launch of a Simplified Value Added Tax Mechanisms for Government suppliers. The new system, which was announced in a statement by Principal Secretary in the Ministry of Finance, Sizakele Dlamini and Eswatini Revenue Services (ERS) […]<\/p>\n","protected":false},"author":84,"featured_media":33297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[234,248,249],"class_list":["post-33298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-eswatini","tag-eswatini"],"yoast_head":"\nGOVERNMENT LAUNCHES SIMPLIFIED VAT MECHANISM - Eswatini<\/title>\n<meta name=\"description\" content=\"Government suppliers will now have an easier job paying their Value Added Tax (VAT). 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