….Ministry of Commerce targets to collect E30 million by the end of the financial year
BY MBONGENI NDLELA
MBABANE – Government, through the Ministry of Commerce, Industry and Trade, has collected over E4.9 million as revenue from trading licenses, company licenses, advertisement fees, stamp duties, and sundry company fees.
These monies were collected within three months; April and June 2024.
The Mancoba Khumalo-led ministry is targeting to generate an estimated revenue of E30 million for this financial year.
The impressive figures are in the 2024/25 first quarter performance report tabled by the ministry in parliament.
According to the ministry, whose mandate is to lead the government in driving the development and growth of the Eswatini economy through business activity, this financial year revenue projection is estimated at E30 543 878.
However, a sum of E4 904 414 has been collected to date.
The ministry has disclosed that an amount of E2 987 178 has been collected to date for Trading Licenses. This figure is 16.69 percent of the annual budget of E17 894 000.
“We anticipate that we will meet our targeted annual collection since most business renews their licenses towards the year’s end,” reads the report.
On Company licenses, the ministry has disclosed that it has collected E1 606 194 to date, which is 17.85 percent of the total annual budget target.
“The annual budget for this item is E9 000 000. An increase is expected during the year,” states the report.
On liquor licenses, the ministry has revealed that it has managed to collect E89 017 which is 6.59 percent of the estimated revenue budget of E1 350 000.00.
On advertising, the ministry has stated that it has collected 23.94 percent of the total budget, which amounts to E62 950.00. These collections are determined by applications received.
On stamp duties, about E100 800.00 has been collected, which is 9.64 percent of the budgeted amount of E1 045 878.
On company sundry fees, 5.88 percent has been collected, amounting to E58 275.00 of the estimated budget of E991 000.00.
The ministry’s main focus is the promotion and facilitation of growth and efficiency in the economy. Its core functions therefore are to formulate policies and promulgate laws and regulations that:
• Ensure a fair-trading environment and free competition;
• Promote exports and
• Promote industrial development in the country.
