60% HIKE IN LUSIP ALLOWANCES TO E76M

MBABANE – LUSIP paid out paid out shareholders allowances totalling E76 million during the 2017/18 financial year.

In the annual report issued by Chairman of the Board of Directors Mkhululi Dlamini for the 2017/18 financial year, it was explained that this reflects a 60 per cent increase from the previous year’s payout of E47 million.

The Komati Downstream Development Project (KDDP) farmer companies paid out 45 per cent of the aforementioned total allowances while having 30 per cent of the farmer companies that made the payouts throughout Eswatini Water and Agricultural Development Enterprise (ESWADE) projects.
It was disclosed that the KDDP payout showed a 15 per cent increase compared to last year’s shareholders’ allowances showed stable and consistent growth over the years.

Injecting

The Lower Usuthu Smallholder Irrigation Project (LUSIP) payout shows a 135 per cent increase over last year’s shareholders’ allowances, injecting a further E41 million in the project development area’s economy.
“This is a record performance in dividend payout,” ESWADE revealed.

It was also mentioned that a total of E59.9 million was remitted in taxes by farmer companies in both the KDDP and LUSIP.
This represented a 63 per cent increase to the previous period.
The KDDP farmer companies paid 48 per cent of the total tax and the balance was paid by LUSIP farmer companies.

Allowances

These taxes comprised of Value Added Tax (15 per cent), Corporate Tax (27.5 per cent), Pay As You Earn and tax on shareholders’ allowances (10 per cent).
“Over 90 per cent of the taxes are from Value Added Tax levied on sucrose revenue paid to farmer companies during the reporting period,” ESWADE explained.

It was also pointed out that a total of 6 420 households had access to potable water within the ESWADE project development areas.
This was the result of potable water interventions by SWADE that benefit 43 767 people.

Interventions

There was no increase in potable water access compared to the previous period. A total of 7 075 households had access to sanitation interventions by SWADE in the reporting period.
“This means 49 221 people had access to sanitation, showing an increase of eight per cent compared to the previous period,” reads the report in part.

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