Finance Minister Martin Dlamini stated in an end-of-year report that increased audits by the SRA have yielded the additional collection of tax, as their annual target was around $692 million.
The minister said despite the setback in revenue receipts, the diligence displayed by SRA has led to a positive report as preliminary estimates suggest that the budgeted deficit for the 2017-18 financial year remained unchanged at 8.1 per cent of Gross Domestic Product (GDP).
Swaziland’s economic growth remains subdued, and was estimated to have slowed down in 2016 to -0.6 per cent, mainly due to two factors - severe drought and fiscal pressures - while prospects will be sluggish in the current year, and in 2018.
The country has a population of 1.2 million, and is very closely linked to South Africa on which it depends for about 85 per cent of its imports and about 60 per cent of exports.
With a GDP per capita of about $3,000 Swaziland is classified as a lower middle income country.