CASH SECURITY SERVICES’ E5M FOR SRA CASH IN TRANSIT

MBABANE – Cash Security Services will cash in over E5million for the provision of cash in transit security services for the next three years for the Swaziland Revenue Authority (SRA).

Tender results issued by the Swaziland Public Procurement Regulatory Agency (SPPRA) reflect that the company scored 92 per cent during the tender evaluation exercise.
Cash security services outsmarted Fidelity Security Services and Swaziland Security Guards who scored 90 per cent and 81 per cent, respectively.

 The exact amount of money that will be paid to Cash Security Services is E5 755 299.12.
 It should be pointed out that in the next three years, inclusive of the current 2017/2018 financial year, government intends to collect E48.3 billion in tax revenue.

This sum was sourced from Swaziland Government estimates from April 1, 2017 to 31 March 2020. 
Goods and Services including Value Added Tax (VAT), sales tax, fuel tax and licences of mobile telephony services among other taxes, will contribute the largest tranche of E32.9 billion into the country’s coffers.  

This could closely be followed by Income tax – company tax, graded tax and individuals- which has been projected to contribute about E15.4 billion.

Taxes on property were projected to be the least source of revenue in the next three years as only E147 million was projected from it. It should, however, be pointed out that these projected figures were made inclusive of policy changes that could be effected by government if enacted into law.  Some of the policy changes are contained in the draft Income Tax Amendment Bill of 2017.  The policy changes include, but not limited to, introduction of capital gains tax – where there has been an outcry that there would be no relief for company groups.

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