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TAX RETURNS FILING DEADLINE LOOMS

05/01/2021 13:43:00 Ashmond Nzima

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MBABANE – The grace period will soon be over, as the deadline for filing of income tax returns for some taxpayers is about three weeks away.

This follows the implementation of measures to assist taxpayers during the COVID-19 period. This relates to filing of annual income tax returns for the 2020 tax year. There was an extension of returns filing deadlines by three months before penalties kicked in.

Taxpayers

For some of the taxpayers, the ‘honeymoon’ will soon be over. These are non-Value Added Tax (VAT) registered taxpayers. Their filing date was supposed to be on October 31 last year but after the relief measure, courtesy of the Eswatini Revenue Authority, there was an extension of up to January 31 this year. In essence, they have 26 days to file their tax returns.
Individuals have a February 28, 2021 deadline. Large taxpayers and those who are VAT-registered should file their returns by March 31 this year if they are serious about avoiding penalties.

Meanwhile, late last year government, through the Ministry of Commerce, Industry and Trade, had also provided some form of reprieve regarding trading licences. They did not attract penalties last year. Penalties, according to an earlier statement from Minister Manqoba Khumalo, will come into effect on April 1, 2021. On another note, the ministry had notified the business community that company renewals for the year 2020 were suspended.

Renewals

“Company renewals, therefore, will commence in the ensuing year, effective July 1, 2021. However, companies will still be required to submit their end of year reports using the relevant Form C,” said the minister. The ministry had also informed the public of the deferred commencement date of annual service fees through The Finance Act (Dates of Commencement) (Amendment) Notice, 2020. Therefore, Part iii, v and viii of The Finance Act 2019 will not be effective for the time being.