In a bid to boost its economy and combat a youth unemployment rate of more than 40%, Eswatini, the smallest country on mainland Africa, is slashing its corporate tax rate from 27.5% to 12.5%.
The Kingdom of Eswatini is gearing up to boost the economy and ensure that youth are employed and equipped for the future that lies ahead of them, as they face a youth unemployment rate of over 40%. Previously engulfed with numerous challenges that have threatened the economic stability of the country, we want to tell the world that change is coming to reverse the issues of today and return Eswatini back to its former glory days where growth was recorded in the double digits.
One of the ways in which Eswatini plans on boosting business in the country is through lowering corporate tax rates significantly. While corporate tax is generally high in Africa, Eswatini is planning on becoming the lowest corporate tax-rated nation on the continent. This move is a bold one for the second smallest state in mainland Africa.
Research from the Organisation for Economic Co-operation and Development (OECD) shows that in 1980, corporate tax rates around the world averaged at between 40.38% and 46.67%...