Find Accountancy, Audit and Tax expertise in Swaziland
There is a good choice of accountancy firms in the principal business centres of Mbabane and Manzini, including affiliates of the global accountancy groups PWC, KPMG and Ernst and Young. Under the Companies Act (2009), companies in Swaziland are required to appoint an auditor for every financial year, although the same auditor may hold this position for several consecutive years, and financial statements must be put before the annual general meeting. These statements must conform to both Swaziland Financial Reporting Standards and the International Financial Reporting Standards (IFRS). The World Bank Ease of Doing Business Index (2011) ranks Swaziland 69th out of 183 countries worldwide in terms of resolving insolvency, compared to Lesotho in 71st place. With regards to strength of auditing and reporting standards, the World Economic Forum Global Competitiveness Report (2012-2013) gives Swaziland a score of 5.1, above the world mean of 4.6.
The Swaziland Institute of Accountants is the professional body. The institute has over 200 qualified members of whom 12% are in public practice (2012). It is a member of the International Federation of Accountants (IFAC) and the Eastern, Central and Southern African Federation of Accountants (ECSAFA). Access to the Association of Certified Chartered Accountants (ACCA) is good with an examination centre in Mbabane.
Corporate tax is flat and levied at 30% with some exceptions; mining companies starting at 27%. Sales tax on goods is raised at 14%, and on services at 5%. There is no capital gains tax. Personal income tax is progressive from 0% to 33%. Incentives are in place to encourage foreign investment from non-resident investors. The World Economic Forum Global Competitiveness Report (2012-2013) ranks Swaziland 66th out of 141 countries, one place below the UK, in total tax rate. With regard to paying taxes in the World Bank Ease of Doing Business Index (2011), Swaziland comes 60th out of 183 countries with Lesotho in 61st place.
|Accountancy, Audit and Tax organisations in Swaziland|
|PKF - Swaziland||
|Swaziland Institute of Accountants, The||