The tax year runs from 1 July to 30 June. Companies are required to have a 30 June year-end unless another year-end date is approved by the Commissioner of Taxes; such approval is routinely given.
Income tax returns should be submitted within 120 days of 30 June, unless an extension of time for submission is granted, which also is routinely given if all tax requirements for the prior year are up to date and the provisional tax has been paid in accordance with the law. The extension of time is usually granted for a further 60 days, which effectively gives the taxpayer six months to submit their income tax return.
Payment of tax
Notice of the date of payment is usually given on the tax assessment.
Provisional tax payments
With respect to companies, provisional tax is payable in two instalments: one payment is due within six months of the company's financial year-end, and the other payment is due no later than the last day of the company's financial year.
The estimate of taxable income for provisional tax purposes should not be less than the taxable income assessed for the latest preceding year of assessment for which an assessment has been issued that is not less than 21 days before the date the estimate is made. This rule does not apply if the taxpayer can convince the Commissioner of Taxes that the taxable income for the current year will be less than the taxable income for the preceding year.
A provisional taxpayer becomes liable to pay a penalty if the estimate for taxable income for the second payment of provisional tax is found to be both less than 90% of the taxable income as finally determined and less than the taxable income as assessed for the immediately preceding tax year.
Tax audit process
All assessments are subject to a tax audit. Current departmental practice is to perform tax audits going back four years.
Statute of limitations
There is no statute of limitations in Eswatini.
Topics of focus for tax authorities
Currently, the tax authorities are conducting full tax audits.