Swaziland (Eswatini): Pension Tax Deductible Limit Change and Report Changes

 

 

The allowable Tax Deduction for Pension Fund Contributions has been increased from 10% to 15% of a Pensionable Salary in accordance with Legal Notice no. 69 of 2024 effective 01 July 2024.

 

The new provision does not make a distinction between Employees, Members of Parliament and Designated Office Bearers. This limit (15%) applies to all Pension Contributions towards an Approved Pension Fund.

 

Please Note:

To claim the additional relief, the relevant monthly returns will have to be amended manually or, alternatively, the employees can claim the relief on assessment.

 

If any of your employees are on the Average Tax Calculation (Main Menu > Payroll > Payslip > Tax Screen) they will benefit from the Tax Deduction on Pension Fund Contributions retrospectively back to the beginning of the Tax Year, 01 July 2024, in the current Pay Period.

 

However, you may not be permitted to claim back all the backdated deductions in one month.

 

To link all employees to Normal Tax use the Main Menu > Payroll > Global Activation > Payroll > Global Activation > Average/Normal Tax function and select “Normal Tax”.

 

 

We have added the PAYE Monthly Reconciliation Schedule found on the Swaziland Reports Screen.

 

 

Before using the report, you must complete the <Report Setup>:

 

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Please Note:

Link the applicable Payroll Definition Lines to the selection fields on the Report Setup.

 

After completing the Report Selections, you can continue to run the report.

 

When running the report, additional setup information is required and must be completed to create the submission file with the correct required values.

 

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Field

Description

PIN Field Used

The user must select either:

  • Tax Number, or

  • Tax Office.

Class

The user must select either:

  • Group Field,

  • Job Grade,

  • Job Title,

  • Category,

  • RSC Code,

  • Department,

  • Pay Point, or

  • Own Line 15

 

Complete these fields, then click on <Continue>.

 

Two Excel sheets are created, zipped into a single file and downloaded into the folder specified by your Browser settings.

 

 

We have removed some Print Time Selections on the PAYE Monthly Declaration Return found on the Swaziland Reports Screen.

 

 

We have removed the following Entry Fields from the Print-time Selection screen:

 

  • Penalty

  • Interest

 

Before Release 6.3b

 

 

As From Release 6.3b

 

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Please Note:

These fields have already been removed from the report in a previous release.