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UNISWA BANKRUPT, OWES SRA E60M PAYE

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MBABANE – The University of Swaziland (UNISWA) is bankrupt and, therefore, cannot settle a Swaziland Revenue Authority (SRA) E60 million Pay-As-You-Earn (PAYE) debt.


Lack of finances have rendered the quality of the work of academicians and their output (graduates) lower than in previous years and this has become a serious cause for concern with the university’s administration.


They explained their plight to Parliament’s Finance Sessional Committee, which in turn tabled a report on the Supplementary Appropriation Bill No.5 of 2015 in the House of Assembly on Monday.


In the report, the university states that financial woes began during the financial crisis which engulfed government about five years ago. Consequently, it has been operating under a tough financial position. Government’s subvention to the institution has over the years remained at E243 million; the same applies to the 2015/16 financial year which begins this month.


However, the university drew attention to the fact that the Planning and Budgeting Committee (PBC), which constitutes of the Ministries of Finance, Economic Planning and Development and Public Service, has always cut the university’s budget proposals since government’s fiscal meltdown. 


“The university owes the Swaziland Revenue Authority E60 million in Pay-As-You-Earn only to be given E5.2 million out of the over E200 million that has been requested. If this is all we are offered we may have to seek the chancellor’s intervention,” stated the university.


Furthermore, the institution clarified that it was not like it had folded its arms in the face of its financial woes. For instance, it actively sourced funding from various donors to the tune of E116 million and some of this money was used to build the Sports Emporium at the Kwaluseni campus.

Comments (1 posted):

Simphiwe Kibibi Tsabedze on 01/04/2015 18:33:42
avatar
UNISWA is...bankrupt?
"If this is all we are offered we may
have to seek the chancellor’s
intervention,” stated the university.
Vision 2022 ke?

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