ESWATINI has recorded E15.7 billion in total revenue for the 2025/26 financial year, a 7.6% increase on the previous year, as the country continues to strengthen its domestic revenue base and reduce exposure to volatile external inflows.
Figures released by the Eswatini Revenue Service (ERS) show that domestic revenue has more than tripled over the past 13 years, rising from E4.79 billion in 2012/13 to E15.72 billion in 2025/26. The development is widely seen as a step towards greater fiscal stability, particularly as receipts from the Southern African Customs Union (SACU) remain unpredictable.
ERS Commissioner General Brightwell Nkambule said the performance reflected disciplined execution in tax and customs operations, coupled with sustained engagement from taxpayers and the commitment of staff. He noted that the improved collections enable government to fund its priorities with increased certainty.
Over time, domestic revenue has become a more reliable foundation for the country’s public finances. In contrast, SACU transfers have continued to fluctuate significantly, underscoring the risks associated with reliance on external revenue sources. In the 2025/26 financial year, SACU receipts declined by 20.4%, falling from E13.07 billion in the previous year to E10.40 billion.
This shift towards stronger domestic collections is expected to enhance government’s ability to plan and deliver essential services more consistently. Key sectors such as infrastructure, healthcare and education stand to benefit from a steadier and more predictable flow of funding, reducing the likelihood of disruptions linked to external revenue shocks.
At the same time, the ERS reported that it paid out E3.49 billion in refunds during the year, the bulk of which—E3.48 billion—was attributed to value-added tax (VAT). Officials indicated that timely refunds played a critical role in supporting business liquidity, safeguarding taxpayer rights and reinforcing confidence in the fairness of the tax system.
Customer sentiment towards the authority has also improved. The ERS recorded a Net Promoter Score (NPS) of 83.96 in 2025/26, up from 77.3 the previous year, which it said reflected enhancements in service delivery. ERS believes this upward trend could encourage higher levels of voluntary compliance among taxpayers.
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Looking ahead, Nkambule said ERS would seek to sustain the momentum into the 2026/27 financial year by strengthening compliance programmes, simplifying processes for taxpayers and deepening collaboration with stakeholders. He expressed appreciation to compliant taxpayers and traders, noting that their contributions were central to keeping the country functioning, while also acknowledging the role of ERS employees in achieving the results. He added that the institution’s priorities remained focused on protecting the tax base, improving fairness, raising service standards and strengthening compliance.
Independent economist Sandile Dlamini said the upward trajectory in domestic revenue represented an important milestone in enhancing the country’s fiscal resilience. He observed that the tripling of collections over the past 13 years had reduced the country’s historical dependence on SACU revenues, which are largely determined by regional trade dynamics and are beyond national control.
However, he cautioned that sustaining this progress would require continued improvements in tax administration, a fair and balanced tax system and ongoing support for private sector growth. He noted that while a more predictable revenue stream strengthened budgeting and debt management, long-term fiscal sustainability would ultimately depend on broader economic expansion and maintaining a competitive tax environment.
Overall, the latest figures point to meaningful progress in building a more self-reliant revenue system for the country, even as challenges linked to SACU volatility and the need for sustained economic growth remain.
