Eswatini Introduces Reduced Corporate Tax Rate, an Interest Deduction Restriction, New Transfer Pricing Rules, and Other Income Tax Changes

According to recent reports, Eswatini published the Income Tax (Amendment) Act 2023 on 20 October 2023, which includes several important tax changes. The main changes include:

• The corporate tax rate is reduced from 27.5% to 25%;
• The withholding tax rate on interest paid to non-resident companies is increased from 10% to 15%;
• The branch profits tax imposed on repatriated income to neighboring countries is increased from 12.5% to 15%, in line with the standard rate for other countries;
• A final…