BUSINESSES TO ENJOY REDUCED PENALTIES

EZULWINI – Businesses can now enjoy reduced penalties pertaining to customs declarations.

This benefit could be enjoyed by entities accredited by the Eswatini Revenue Authority (SRA) under the Preferred Trader Programme (PTP). The PTP is an initiative through which the authority administration intends to reward clients who have a proven record of compliance by giving them benefits that are not enjoyed by other business operators.

Commissioner General Dumisani Masilela explained that accredited businesses under the programme will not only have their penalties reduced but will also get the privilege of minimal intervention on their consignments at the ports of entry.

consignments

Masilela mentioned that in the event of the need to inspect consignments, companies under PTP could also have the opportunity to select a place of their convenience.

As part of the advantages of opening up to the SRA before being incorporated into PTP, businesses could also be exempt from security/bond requirements in respect of goods in transit and temporary importation.

“There will also be prioritized resolution of queries and appeals that you may lodge and access to timeous information on any changes on processes affecting goods clearance and other such compliance requirements,” promised Masilela, during the presentation of PTP accreditation certificates to Eswatini Meat Industries (EMI) and Logico Unlimited at the authority’s headquarters yesterday.   

offering

Asked to explain what would be the rationale behind offering the above mentioned benefits to businesses which have been officially included in the PTP accreditation database, Masilela clarified that this would be on the basis of the fact that such businesses would be expected to have fully opened up all their books to the SRA. Therefore, such companies would be dealing with the authority on trust.

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