BY THEMBA ZWANE
EZULWINI – The Eswatini Bankers Association (EBA) has pledged its full support to assist the Eswatini Revenue Service (ERS) and Government in enforcing tax compliance measures aimed at strengthening national revenue collection.
The commitment was made at the ERS auditorium during Finance Minister Neal Rijkenberg’s public briefing on the Income Tax (Compliance Certificate) Regulations 2022.
EBA Chairperson Fikile Nkosi said tax compliance remains both a national priority and a financial-system imperative. She explained that ERS has introduced enhanced requirements for tax clearance on all cross-border transactions, including those involving South Africa, Eswatini’s largest trading partner.
According to Nkosi, the measures form part of broader efforts to strengthen revenue collection, transparency and financial system integrity. She noted that such regulations are not unique to Eswatini, as revenue authorities globally are tightening controls on cross-border flows to combat tax evasion and illicit financial activity.
“We are committed to supporting compliant clients, working constructively with ERS and policymakers and ensuring lawful, transparent as well as efficient transactions,” she said. “Compliance is not a barrier; it is a foundation for sustainable economic growth. Tax compliance is a shared responsibility. These measures protect the integrity of the financial system, public revenue and long-term economic stability. Together, we can ensure compliance without compromising legitimate trade.”
Nkosi acknowledged public concerns regarding perceived inconvenience and additional compliance steps. However, she said Government, the Ministry of Finance and ERS are actively engaging stakeholders to address implementation challenges. The banking industry, she added, has a responsibility to support these efforts while safeguarding clients’ legitimate business interests.
“The banking system cannot and must not be used as a conduit for tax evasion,” she said. “Banks have a legal and ethical obligation to prevent tax evasion and tax evasion facilitation. This is consistent with ERS regulations and anti-tax evasion policies. Our role is not to police taxpayers, but to ensure the financial system is not abused.”
She further revealed that the Bankers Association is engaging continuously with ERS to ensure lawful and legitimate transactions are not disrupted. Discussions are focused on practical implementation, clarifying operational processes and minimising unintended delays for compliant clients.
“The objective is to balance compliance with ease of doing business. This is a partnership approach — regulator, industry and clients working together,” Nkosi said.
Tax clearance has now become a critical prerequisite for cross-border payments, including transactions with South Africa, reflecting the high volume of regional trade and integration. Nkosi emphasised that fully compliant transactions should continue to flow, subject to verification.
She strongly advised clients to remain proactive in managing their tax affairs. Businesses and individuals are encouraged to:
• Ensure their tax affairs are up to date
• Maintain a valid Tax Clearance or Compliance Certificate
• Regularly verify their status on ERS digital platforms
• Engage early with ERS, their bankers and tax advisers where necessary
The unified stance between Government, ERS and the banking sector signals a coordinated national effort to enhance compliance, protect revenue and safeguard long-term economic stability in Eswatini.
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